Japan urges crypto exchanges to follow the sanctions imposed on Russia
On Monday, the Government of Japan has reportedly ordered crypto exchanges not to process transactions that are related to crypto assets subject to sanctions against Russia and Belarus following their “special military operation.”
Japan issues strict punishment for disobedience
As per a report by Reuters, the move by Japan comes following the inter-governmental political forum Group of Seven’s (G7) stated on Friday that the involved seven nations "will impose costs on illicit Russian actors using digital assets to enhance and transfer their wealth."Like other governments, the G7 advanced economies are also concerned that crypto could possibly be used by Russians as an alternative to evade financial sanctions imposed by several governments including the United States and the European Union for attacking Ukraine.
A senior official at Japan’s Financial Services Agency and the Japanese Ministry of Finance said in a joint statement that the government is aiming to strengthen measures against the transfer of funds using crypto that could potentially violate the sanctions.
FSA went on to add that the unauthorized payments, including crypto, that involve sanctioned entities, would be subject to punishment of 1 million yen ($8,487.52) or around three years in prison.
Crypto regulations in the country
Notably, there are around 31 crypto exchange platforms in Japan as of March 4. The country recently witnessed the expansion of exchange giant FTX after it acquired native crypto exchange Liquid Group. Japan, which usually lags among global financial regulators in imposing stricter laws on private digital currencies, is backed by G7 rich powers and the Group of 20 powerhouses.The country recently said that it would follow the strict path opted by the United States when it comes to regulating stablecoins.
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