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- According to Reuters, Russians are flocking to crypto platforms in the United Arab Emirates (UAE) in an attempt to rescue their riches, seeking crypto businesses to sell billions of dollars.
- Some of them want to buy real estate in the UAE, while others want to transfer their holdings to fiat money and hide them.
Excessive number of requests from Swiss brokers
According to the platform’s management, they typically receive one inquiry each month for major transactions.
An exchange acknowledged that they have received an excessive number of requests from Swiss brokers in the last ten days to liquidate Bitcoins worth billions of dollars because they are concerned that Swiss authorities may freeze the assets. According to the business, all of the demands were for $2 billion or more.
On the other hand, the Swiss market supervisor has declined to comment on crypto transaction volumes.
Because digital assets are subject to the same restrictions as traditional holdings of Russian users and individuals, monies of sanctioned individuals must be frozen in Switzerland, according to an email from the Secretariat of Economic Affairs of the nation (SECO).
Is Dubai a safe haven for investors or fraudsters?
Dubai, a business hub for Gulf nations with a burgeoning cryptocurrency sector, has declined to take sides between Moscow and its Western friends. This has created an opportunity for Russian companies to save their investments in the region.
In addition, a real estate broker who has worked with a cryptocurrency business to enable individuals to buy with simplicity has stated:
We’ve seen a lot of Russians and even Belarusians come to Dubai and carry anything they can, even cryptocurrency.
According to a UAE financial source, many people have been buying homes in Dubai and utilizing bitcoin to move their money out of jurisdictions safely in the Gulf state.
Cryptocurrency exchanges throughout the world are barring Russian accounts sanctioned by the West due to the Russia-Ukraine war, which Russia has dubbed “Special Operation.”
Similarly, the world’s largest cryptocurrency exchanges, such as Binance and Coinabase, have opted to comply with the sanctions, stating that they do not want cryptocurrencies to be used to avoid them.
Nonetheless, cryptocurrencies provide users with a great level of anonymity. As a result, European countries such as Estonia and Germany asked for tighter oversight last year.
ALSO READ: Russians unloading crypto assets in the UAE
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
