Japanese authorities on Monday ordered cryptocurrency exchanges not to process transactions subject to asset freeze sanctions against Russia and Belarus over the war in Ukraine.
The move follows a Group of Seven (G7) statement on Friday that said Western countries “will impose costs on illegal Russian entities that use digital assets to increase and transfer their wealth.”
The Japanese authorities have obliged cryptocurrency exchanges not to process transactions subject to the sanctions on freezing assets of Russia and Belarus. It is reported by Reuters, citing a senior official of the local financial regulator.
It is reported that the Japanese government will step up its oversight of the cryptocurrency market to comply with sanctions. Each transaction involving sanctioned addresses will result in a fine of $8,487 or imprisonment for up to three years. Recall that as of March 2022 there are more than 30 cryptocurrency exchanges in Japan.
Japan backs G7 decision
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