<ul><li>SWIFT is enhancing oversight on crypto transactions to prevent misuse by countries like Russia and China to bypass sanctions. Efforts are being made to detect criminal crypto activity and prevent sanctioned countries from evading Western sanctions.</li><li>Russia reportedly uses cryptocurrencies like Bitcoin, Ether, and Tether to circumvent sanctions in its oil trade. Cryptocurrencies enable quick settlements and offer some level of anonymity, raising concerns about money laundering and unregulated trading.</li><li>Global crypto regulation is evolving, with SWIFT playing a crucial role in keeping financial flows connected amidst increasing geopolitical tensions. The US has imposed sanctions on crypto exchanges involved in facilitating illicit activities.</li><li>While the US and UK tighten crypto regulations, some Asian countries like Japan, South Korea, and Singapore are adopting more lenient approaches towards crypto. However, uncertainties remain regarding these countries becoming alternate routes for sanction-bypassing transactions.</li></ul>

SWIFT Strengthens Crypto Oversight as Russia and China Seek Sanction Loopholes

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