đ 70.2% against. Swiss voters reject locking âneutralityâ into the constitution.
On September 27, the referendum saw 1,854,767 votes against and 789,130 in favor, with a 47% turnout. In 26 cantons, not a single one backed this side.
The initiative comes from the sovereignty group Pro Schweiz, backed by Switzerlandâs largest party, the SVP. It wants to define neutrality as âpermanent and armedâ: no joining or cooperating with military and defense alliances (unless an attack is imminent), sanctions against the belligerent states only with approval from the UN Security Council.
This clause is aimed at sanctions against Russia.
After Russiaâs invasion of Ukraine in 2022, Bern followed the EUâs sanctions against Moscow. Supporters of the initiative say this no longer counts as neutrality. Russiaâs Ministry of Foreign Affairs spokesperson Zakharova praised it throughout. Switzerlandâs military chief, Roos, said directly in September: âYes, Switzerland is a target of Moscow.â
After the vote was rejected, the government kept its power to impose sanctions.
And this is directly related to money. Switzerland is a financial hub, and neutrality is the brand. Sanctions enforcement is handled by SECO: a dedicated investigation team of about 15 people. To date, it has received around 850 reports of suspected violations, and handed 4 cases over to the Federal Prosecutor Generalâs Office.
Crypto is an extension of this line. Switzerland is Europeâs crypto capitalâCrypto Valley is in Zug. Over the past few years, the sanctions lists have increasingly targeted activity on-chain. The EUâs 21st round of sanctions against Russia in July also included crypto provisions. If the initiative were to pass, it would mean prying open a sanctions loophole in Europeâs hinterland. The sanctioned money has long been moving onto the blockchain. Transparency Internationalâs September 18 piece puts it very plainly in its headline: crypto is only one of the channels Russia uses to launder money to evade sanctions.
On the other hand, thereâs something even more interesting. On September 11, Bitcoin Suisse, Zugâs oldest crypto company, announced it would cut up to 60 positions in Switzerlandânearly half of its roughly 120-person Swiss team. The back office, administration, and development were moved to Bratislava and Vietnam; the development office in Copenhagen was also closed. It manages over 3 billion dollars in digital assets, and its licenses were already secured earlier in Liechtenstein, Bermuda, and Abu Dhabi. CEO Majcen said this is proactive expansion, not related to market conditions.
Swiss voters preserved âflexible neutrality.â Its crypto firms are voting by the numbersâbased on cost.
As I write this, five quote sources: BTC between $83,455 and $83,494, down about 1.1% over 24 hours. ETH between $2,658 and $2,660, down about 1.4%.
The next milestone is November 29, when Switzerland will also vote on reforms to weapon exports.
$BTC
#äžæŹèȘćœé 瀟ćșBaoluoćžćè”æŹ #Bitcoin #Swiss referendum
On September 27, the referendum saw 1,854,767 votes against and 789,130 in favor, with a 47% turnout. In 26 cantons, not a single one backed this side.
The initiative comes from the sovereignty group Pro Schweiz, backed by Switzerlandâs largest party, the SVP. It wants to define neutrality as âpermanent and armedâ: no joining or cooperating with military and defense alliances (unless an attack is imminent), sanctions against the belligerent states only with approval from the UN Security Council.
This clause is aimed at sanctions against Russia.
After Russiaâs invasion of Ukraine in 2022, Bern followed the EUâs sanctions against Moscow. Supporters of the initiative say this no longer counts as neutrality. Russiaâs Ministry of Foreign Affairs spokesperson Zakharova praised it throughout. Switzerlandâs military chief, Roos, said directly in September: âYes, Switzerland is a target of Moscow.â
After the vote was rejected, the government kept its power to impose sanctions.
And this is directly related to money. Switzerland is a financial hub, and neutrality is the brand. Sanctions enforcement is handled by SECO: a dedicated investigation team of about 15 people. To date, it has received around 850 reports of suspected violations, and handed 4 cases over to the Federal Prosecutor Generalâs Office.
Crypto is an extension of this line. Switzerland is Europeâs crypto capitalâCrypto Valley is in Zug. Over the past few years, the sanctions lists have increasingly targeted activity on-chain. The EUâs 21st round of sanctions against Russia in July also included crypto provisions. If the initiative were to pass, it would mean prying open a sanctions loophole in Europeâs hinterland. The sanctioned money has long been moving onto the blockchain. Transparency Internationalâs September 18 piece puts it very plainly in its headline: crypto is only one of the channels Russia uses to launder money to evade sanctions.
On the other hand, thereâs something even more interesting. On September 11, Bitcoin Suisse, Zugâs oldest crypto company, announced it would cut up to 60 positions in Switzerlandânearly half of its roughly 120-person Swiss team. The back office, administration, and development were moved to Bratislava and Vietnam; the development office in Copenhagen was also closed. It manages over 3 billion dollars in digital assets, and its licenses were already secured earlier in Liechtenstein, Bermuda, and Abu Dhabi. CEO Majcen said this is proactive expansion, not related to market conditions.
Swiss voters preserved âflexible neutrality.â Its crypto firms are voting by the numbersâbased on cost.
As I write this, five quote sources: BTC between $83,455 and $83,494, down about 1.1% over 24 hours. ETH between $2,658 and $2,660, down about 1.4%.
The next milestone is November 29, when Switzerland will also vote on reforms to weapon exports.
$BTC
#äžæŹèȘćœé 瀟ćșBaoluoćžćè”æŹ #Bitcoin #Swiss referendum
