Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions

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Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions – Japan’s major financial regulator, the Financial Services Agency (FSA), announced Monday that the country will contribute to international sanctions measures in response to Russia’s attack on Ukraine.

The Cabinet has given its approval to apply “a variety of measures, including payment limits under the Foreign Exchange and Foreign Trade Act,” according to the FSA.

The financial regulator and the Ministry of Finance have asked crypto exchanges in the country not to conduct transactions that are subject to asset-freeze penalties against Russia and Belarus, according to the financial regulator. 

Also Read: G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

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The FSA detailed:

Sanctioned individuals cannot be paid in any way, including with crypto assets, without prior approval.

According to the regulator, making unauthorized payments to sanctioned individuals can result in a three-year prison sentence and/or a fine of up to one million yen ($8,481).

The announcement came in after Russia was sanctioned by the Group of Seven (G7) governments on Friday. According to Reuters, a high-ranking FSA official stated:

“To keep the G7 enthusiasm going, we decided to make an announcement. The sooner you start, the better.”

Also Read: South Korean Crypto Exchanges Restrict Russians’ Access Over War in Ukraine

Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions – According to the news outlet, the FSA and the Japanese Ministry of Finance said in a joint statement that the government will work together to reinforce measures against the transfer of cash using crypto assets in breach of penalties.

According to the list of recognized crypto exchanges on the FSA website, there are currently 30 registered crypto exchanges in Japan.

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