Japan Requires Crypto Exchanges to Comply with Sanctions
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March 14, 2022

Japanese authorities called on local cryptocurrency exchanges to ban transactions involving addresses listed in OFAC's sanction list. According to Reuters, Japan's Financial Services Agency will comply with sanctions against Russia and Belarus as the geopolitical conflict in Ukraine continues.

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"We decided to make an announcement to keep the G7 momentum alive. The sooner the better," said a senior official at Japan's Financial Services Agency.

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The Japanese government will particularly impose more regulatory burden on trading platforms and fines for parties that would violate the sanctions, the FSA said. As per reports, payments to blacklisted addresses are subject to punishment of up to three years in prison or a $8,487 fine.

The move comes after the US Financial Crimes Enforcement Network (FinCEN) warned that Russia could turn to cryptocurrencies to evade sanctions. The agency reminded companies they should monitor compliance with the imposed restrictions.

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