Japan orders crypto exchanges to adjust to sanctions in opposition to Russia and Belarus

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The step was taken after a Group of Seven (G7) statement on Friday that said Western nations “will impose costs on illicit Russian actors using digital assets to enhance and transfer their wealth.”

There are growing concerns among G7 advanced economies that cryptocurrencies are being used by Russian entities as a loophole for financial sanctions imposed upon the country for invading Ukraine.

The US Treasury Department issued new guidance on Friday that required US-based cryptocurrency firms not to engage in transactions with sanction targets.

“We decided to make an announcement to keep the G7 momentum alive,” said a senior official at Japan’s Financial Services Agency. “The sooner the better.”
Coinbase, Binance resist calls to kick Russians off crypto platforms

The Japanese government will strengthen measures against the transfer of funds using crypto assets that would violate the sanctions, the FSA and the Ministry of Finance said in a joint statement.

Japan has lagged a global shift among financial regulators in setting stricter rules on private…

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