Japan to Restrict Russia Circumventing Sanctions: Revises Foreign Exchange Laws & Crypto Regulations
Japan is taking decisive action to prevent Russia from using cryptocurrencies to evade Western sanctions. In a move aimed at closing loopholes, the Japanese government is revising its foreign exchange laws and bolstering regulations concerning crypto-asset exchanges.
On Monday, the Japanese government made a statement that the country’s currency legislation will be revised in order to prevent Russia’s attempts to evade Western financial sanctions. Prime Minister Fumio Kishida emphasized the need to strengthen sanctions against Russia, pushing through an amendment to close what it sees as a vulnerability. Japan will revise its foreign exchange law to prevent Russia from evading Western financial sanctions following Moscow’s invasion of Ukraine through cryptocurrency.
The planned amendments target crypto exchanges directly. To prevent Russia from circumventing Western financial sanctions, Japan plans to amend its foreign exchange laws and sets graze at “crypto-asset exchanges like” those operating within its borders. This includes introducing tougher new rules for crypto operators, ensuring they are not complicit in any attempts by the Russian Federation to skirt a barrage of international economic sanctions levied against them.
Japan is set to revise its crypto exchange laws to curb any loopholes that Russia could exploit to evade crippling Western sanctions. The legislative changes, originating from TOKYO - Japan will revise its foreign exchange law to prevent Russia from evading Western financial sanctions following Moscow's invasion of Ukraine through cryptocurrency, aim to prevent the transfer of funds or assets that could undermine the effectiveness of international sanctions.
Authorities in Japan are planning to introduce tougher new rules for crypto operators as part of efforts to prevent Russia from using cryptocurrencies to evade sanctions. The ultimate goal: a watertight system that prevents Russia from using cryptocurrency to sidestep the intended impact of Western economic measures following its invasion of Ukraine. This revision of the foreign exchange law and increased crypto regulation signals Japan’s commitment to upholding international efforts to hold Russia accountable.