Japan will start tracking attempts to evade sanctions through cryptocurrencies
The country’s government will revise the foreign exchange law to include cryptocurrency exchanges
29.03.2022 - 11:10
307
1 min
0
.
What’s new? Japan plans to change the legislation to strengthen sanctions against Russia. The country’s Prime Minister Fumio Kishida has stated that the government will revise the foreign exchange law, it will now be enforced by cryptocurrency exchanges, the local publication Sankei reports.
How will the new rules work? Under the current Japanese legislation, the banks require verification that the recipient of the funds is not under sanctions. An exception is made for companies that are engaged in digital asset transactions. The Japanese government will oblige cryptocurrency exchanges to undergo the same procedure.
“Due to the concern that allowing free conversion into crypto assets will become a loophole to circumvent sanctions, we are preparing to submit to parliament a revision of the foreign exchange act to further strengthen the effectiveness of sanctions,” Kasida claims.
Earlier, the Japanese government urged crypto companies to comply with restrictions against Russia. The representatives of the platforms who fail to comply face up to three years in prison or a fine of 1 million yen.
Useful material?
Telegram 
Twitter Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024
Cryptocurrency rates
-
Bitcoin
$69 747
BTC
+2.18%
-
Ethereum
$2 467.87
ETH
+0.7%
-
BNB Smart Chain
$570.25
BSC
-0.32%
-
Ripple
$0.512039
XRP
+0.72%
-
Dogecoin
$0.176011
DOGE
+12.47%
-
Cardano
$0.335014
ADA
+2.42%
-
Bitcoin Cash
$343.06
BCH
+1.99%
-
Polkadot
$3.9
DOT
+3.26%
-
Litecoin
$66.38
LTC
-0.14%
-
Stellar XLM
$0.093206
XLM
+1.56%