Shutterstock
Main page News, Russia, Japan, Regulations, Cryptocurrency
Hot topic
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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

"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.

Chainalysis Announces Free API Tools to Comply with Sanctions

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.