Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions — Penalty Includes 3 Years in Prison – Regulation Bitcoin News

Japan’s top financial regulator has asked cryptocurrency exchanges in the country not to process transactions subject to asset-freeze sanctions. Unauthorized payments of sanctions to persons carry a three-year sentence.

Japan’s Financial Regulator and Ministry of Finance Ask Crypto Exchanges to Comply With Sanctions Restrictions

Japan’s top financial regulator, the Financial Services Agency (FSA), announced Monday that the country will contribute to international sanctions efforts surrounding Ukraine following its attack by Russia.

The FSA added that it has received approval by the Cabinet to implement “various measures including payment restrictions under the Foreign Exchange and Foreign Trade Act.”

According to the FSA, the Ministry of Finance and it have requested that crypto-exchanges not process any transactions in violation of asset freeze sanctions on Russia and Belarus. FSA details:

Sanctioned people cannot receive any payments without authorization.

Unauthorized payments to sanctioned individuals can result in three years imprisonment or a maximum of 1,000,000 yen (or $8481)), as the regulator stated.

Following a G7 statement on Friday, the Group of Seven countries (G7) made an announcement about sanctions against Russia. Reuters quoted a senior FSA official as saying:

We decided to make an announcement to keep the G7 momentum alive … The sooner the better.

According to the news outlet, FSA and Japanese Ministry of Finance jointly stated in a joint declaration that their government would work together to increase sanctions-compliant measures against crypto asset transfers.

According to the FSA’s list of approved cryptocurrency exchanges, Japan currently has 30 crypto exchanges.

What do you think about Japan’s sanctions efforts against Russia? Comment below to let us know your thoughts about Japan’s sanctions against Russia.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.