• February 27, 2024

Satoshihodler.com

All the latest cryptocurrency news

Japan to Amend Legislation to Prevent Russia From Using Crypto Exchanges to Evade Sanctions

Reading time: < 1 minute

Japan intends to make changes to its current legislation regarding cryptocurrency exchanges to enforce sanctions against Russia.

The Chief Cabinet Secretary of Japan, Hirokazu Matsuno, has explained the government intends to submit a document to revise foreign exchange and foreign trade laws to include crypto exchanges.

According to him, the amendment should prevent countries under sanctions from circumventing them with the help of digital currencies.

Japan, following the example of its Western counterparts, imposed financial sanctions against Russia (or rather, against oligarchs, companies, politicians) after the start of the “special operation” in Ukraine.

The country’s prime minister, Fumio Kishida, has also given his support to the proposal and has called for coordinated action with Western allies to enforce the new laws.

If the amendments are implemented, crypto exchanges, just like banks, will be required to verify and flag transactions related to sanctioned Russian individuals or companies.