Tech

Japan urges crypto exchanges to act in line with sanctions against Russia

A man stands next to an advertisement at a cryptocurrency exchange in Tokyo
A man stands next to an advertisement for a cryptocurrency exchange in Tokyo, Japan March 30, 2018. REUTERS/Toru Hanai/Files

March 14, 2022

TOKYO (Reuters) – Japan has urged crypto exchanges not to process transactions involving crypto assets subject to asset freeze sanctions against Russia and Belarus, officials said on Monday.

The government will work together to step up measures against money transfers involving crypto assets that would violate the sanctions, the Treasury Department and the Financial Services Agency (FSA) said in a joint statement.

Unauthorized payments to targets under sanctions, including crypto assets — such as cryptocurrency and non-fungible tokens — are punishable by up to three years in prison or a 1 million yen ($8,487.52) fine, the FSA said.

The move follows growing concerns from the Group of Seven’s advanced economies that cryptocurrencies are being used by Russian companies as a loophole for financial sanctions imposed on the country for invading Ukraine.

($1 = 117.8200 yen)

(Reporting by Tetsushi Kajimoto; Editing by Jacqueline Wong)

https://www.oann.com/japan-urges-crypto-exchanges-to-act-in-line-with-sanctions-against-russia/?utm_source=rss&utm_medium=rss&utm_campaign=japan-urges-crypto-exchanges-to-act-in-line-with-sanctions-against-russia Japan urges crypto exchanges to act in line with sanctions against Russia

Emma Bowman

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