Rich Russians are moving to the United Arab Emirates (UAE) in an attempt to save their wealth. They are approaching cryptocurrency companies in the Arab nation to actively liquidate billions of dollars worth of cryptocurrency, according to a Reuters report.
According to sources, many are looking to buy property in the UAE using cryptocurrency, while some are planning to convert their assets into fiat money and put them away temporarily.
Cryptocurrency firms say they have received several inquiries from Swiss brokers over the past week. These demands come at a time when sanctions are being imposed on Russian assets. Brokers claim that clients fear their assets will be frozen and are therefore looking for safe countries to invest their money in.
Executives even have stories of outrageous demands. “We have a guy – I don’t know who he is, but he came through a broker – and they say, ‘we want to sell 125,000 bitcoins.’ And I’m like, ‘what? That’s $ 6 billion guys, ”the executive said.
Switzerland had stated earlier this month that crypto assets were subject to the same sanctions and measures it had imposed on Russian assets and individuals. Therefore, this means that if a person is sanctioned, their crypto assets would also be frozen in Switzerland.
The UAE does not take sides with its Western allies, and Russia has led the Russians to believe their money is safe in the wealthy Arab country, which is currently a growing crypto hub.
In particular, the UAE was placed on a “gray list” this month so that it can be better monitored by the Financial Action Group (FATF). On the other hand, the Prime Minister of the UAE recently passed a new law on the regulation of cryptocurrencies and established a regulatory body to monitor the activity of cryptocurrencies in the country.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.