News

Japan Has Urged Cryptocurrency Exchanges To Abide By Russian Restrictions

Officials from Japan indicated on Monday that cryptocurrency exchanges have been asked not to handle transactions involving crypto assets that are subject to asset-freeze restrictions against Russia and Belarus.

Japan Has Urged Cryptocurrency Exchanges To Abide By Russian Restrictions

The request came after a statement from the Group of Seven (G7) on Friday, which stated that “illicit Russian actors leveraging digital assets to enhance and transfer their wealth will face costs.”

Cryptocurrency are being exploited by Russian firms as a backdoor for financial sanctions imposed on the country for invading Ukraine

On Friday, the US Treasury Department published new instructions requiring bitcoin firms operating in the United States to refrain from transacting with sanctioned countries.

“We decided to make an announcement to maintain the G7 momentum,” a senior official from Japan’s Financial Services Agency said. “The sooner the better,” says the narrator.

Japan Has Urged Cryptocurrency Exchanges To Abide By Russian Restrictions

The FSA and the Ministry of Finance said in a joint statement that the government will work together to improve safeguards against the transfer of funds using crypto assets that would be in violation of the sanctions.

Unauthorized payments to sanctioned targets, including in crypto assets like cryptocurrencies and non-fungible tokens, are punishable by up to three years in prison or a fine of one million yen ($8,487.52), according to the FSA.

There were 31 crypto exchanges in Japan as of March 4, according to an industry association.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

39 mins ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

54 mins ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

54 mins ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

1 hour ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

3 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.