Switzerland has expanded restrictions on Russian nationals and people living in Russia acquiring or controlling crypto-service businesses, widening an existing rule beyond wallet, account and custody providers. The amendment took effect on November 5, 2026, following a Federal Council decision the previous day. Exemptions for specified nationalities and residence-permit holders remain in the law. Official amendment

The change concerns Article 20(2bis)(a) of Switzerland’s ordinance on measures connected with the situation in Ukraine. Its revised wording covers a legal person, business or entity established or incorporated under Swiss law or the law of a European Economic Area member state that provides cryptoasset services. It prohibits allowing the covered individuals to acquire such an entity directly or indirectly. Article 20

Previously, the same provision identified businesses providing cryptoasset wallets, cryptoasset accounts and cryptoasset custody. Replacing that narrower list with cryptoasset services broadens the category of businesses caught by the ownership rule. The November 4 version in Fedlex still used the wallet, account and custody wording. Ordinance and version history

The implications extend beyond an acquisition agreement. The following parts of Article 20(2bis), which refer back to the entities described in paragraph (a), also prohibit allowing covered individuals to exercise direct or indirect control or hold a position in those entities’ governing bodies. Those restrictions already existed; the November amendment changes the description of the crypto businesses to which they apply. Current ownership and governance provisions

Who remains exempt

Article 20(3) says the prohibitions in paragraphs 1 through 2bis do not apply to Swiss nationals, nationals of an EEA member state or the United Kingdom, or individuals holding a temporary or permanent residence permit in Switzerland, an EEA member state or the United Kingdom. The ownership restrictions must be read together with that provision, rather than as an unqualified prohibition affecting every Russian national. Article 20 exemptions

The company-side wording includes entities established or incorporated under Swiss or EEA law. The United Kingdom appears in the individual exemptions, but not in that description of covered companies. The law therefore draws different geographical boundaries for covered businesses and exempt individuals. Consolidated ordinance

Part of the wider sanctions package

Switzerland’s State Secretariat for Economic Affairs, or SECO, described the measure as a further tightening of cryptocurrency sanctions. In its November 4 announcement, it said Russian nationals and people resident in Russia would no longer be permitted to acquire an interest in Swiss crypto-service companies regardless of the services offered. The ordinance retains the detailed nationality and residency exemptions alongside that broader business coverage. SECO announcement

The decision forms part of Switzerland's implementation of measures from the European Union's 21st sanctions package. SECO also reported transaction bans involving 17 financial institutions and crypto-service providers. The announcement gives a combined figure for those categories without a separate count of crypto firms. The ownership expansion took effect on November 5, after the sanctions-list changes came into force late on November 4. SECO's package summary

In its own July 23 summary of the 21st package, the European Commission said the EU was extending restrictions on Russian nationals owning, controlling or serving on the boards of companies offering cryptoasset services. It also described measures targeting third-country crypto platforms used to facilitate sanctions circumvention. The Swiss measure follows that wider European tightening of crypto-related sanctions. European Commission summary

Separate rules govern crypto services

The latest ownership change sits alongside separate crypto restrictions already in the ordinance. Article 20(2) prohibits professional provision of cryptoasset services, directly or indirectly, to Russian nationals, people living in Russia and Russia-established entities, subject to applicable exemptions. Fedlex dates that provision's current wording to February 26, 2026. It concerns the provision of services, while paragraph 2bis concerns acquisition, control and governing-body roles. Article 20 and amendment notes

Article 20(4) also allows SECO to authorise exceptions for specified purposes under paragraphs 1 and 2, including humanitarian or evacuation needs. That authorisation clause does not cover the ownership prohibition in paragraph 2bis. It is a power to grant permission, rather than an automatic exemption. Article 20(4)

Separate rules in Article 20b have applied since August 20, 2026. They prohibit legal entities, including financial institutions, from participating directly or indirectly in transactions with Russia-established crypto-service entities or platforms enabling cryptoasset exchanges or transfers. For individuals, the prohibition covers direct participation. Article 20b itself includes an exception for official activities in Russia of Swiss or partner-country diplomatic and consular missions and international organisations with international-law immunities. Article 20b

SECO's November 4 announcement does not give an estimate of how many businesses or ownership arrangements would be affected by the expanded wording. SECO announcement

Earlier Dalimss News coverage examines Russia's domestic crypto settlement rules and the EU debate over crypto supervision, which concern separate regulatory processes.