What Can We Learn from Canadian Crypto Freeze as War in Europe Rages On?

cryptonews.com:

Governments have never really been the biggest fans of Bitcoin (BTC) and cryptocurrency. Not only does crypto escape their monopoly over the issuing and supply of money, but it also helps individuals escape any monetary restrictions they may wish to apply.

However, Canada sought to strike a blow against cryptoassets last month, following a series of protests against COVID-19 restrictions that began in January. Its federal government invoked the Emergencies Act and issued a number of executive orders against financially supporting the protests, while the Ontario Superior Court of Justice granted a Mareva injunction specifically aimed at freezing the cryptoassets of certain protestors.

This injunction represented a rare instance of a government trying to halt the flow of cryptoasset, and for industry players speaking with Cryptonews.com, it could set a precedent for other governments to follow. At the same time, the injunction will also heighten demand for self-custody and peer-to-peer (P2P) trading services among ordinary holders. And this becomes even more important as the war in Ukraine rages on and sanctions are being imposed on Russia and its ally Belarus.

More than a few analysts expect that the Canadian Mareva injunction makes similar actions likelier in the future, particularly when the wider context is taken into account.

“The most recent activity around crypto -- particularly with significant hacks and in conflict areas -- and those governments' involvement signals that governments are interested in controlling cryptoassets more than ever. An undeniable reason for this is that cybercriminals use cryptoassets in illicit activities and can be used to fund wars and terrorist activities,” said Melody Brue, the principal