Fun

Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions — Penalty Includes 3 Years in Prison

News Feed - 2022-03-15 04:03:40

Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions — Penalty Includes 3 Years in Prison


Japan’s top financial regulator has asked cryptocurrency exchanges in the country not to process transactions subject to asset-freeze sanctions. The penalty for unauthorized payments to sanctioned persons includes three years in prison. Japan’s Financial Regulator and Ministry of Finance Ask Crypto Exchanges to Comply With Sanctions Restrictions


Japan’s top financial regulator, the Financial Services Agency (FSA), announced Monday that the country will contribute to international sanctions efforts surrounding Ukraine following its attack by Russia.


The FSA added that it has received approval by the Cabinet to implement “various measures including payment restrictions under the Foreign Exchange and Foreign Trade Act.”


The financial regulator detailed that it and the Ministry of Finance have made a request to crypto exchanges in the country not to process transactions subject to asset-freeze sanctions against Russia and Belarus. The FSA detailed: All payments, including payments by crypto assets, cannot be made to sanctioned persons without prior permission.


The penalty for unauthorized payments to sanctioned persons includes three years imprisonment and/or a fine of not more than 1 million yen ($8,481), the regulator noted.


The announcement followed a statement made by the Group of Seven (G7) countries Friday regarding sanctions on Russia. A senior FSA official was quoted by Reuters as saying: We decided to make an announcement to keep the G7 momentum alive … The sooner the better.


The FSA and the Japanese Ministry of Finance said in a joint statement that the government will work as one to strengthen measures against the transfer of funds using crypto assets that would be in violation of the sanctions, the news outlet conveyed.


Currently, there are 30 registered crypto exchanges in Japan according to the list of approved crypto exchanges on the FSA website. Tags in this story cryptocurrency exchanges sanctions, Japan, Japan crypto exchanges, Japan cryptocurrency exchanges, Japan sanctions, payment restrictions, prison, restriction payments


What do you think about Japan’s sanctions efforts against Russia? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. EU Parliament Committee Votes Against Proof-of-Work Ban, Supports Alternative Amendment on Crypto Assets REGULATION | 14 hours ago MiCA Amendments Proposed Last Minute Revive Threat of EU Ban on Bitcoin, Report Reveals REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleArgentinians Criticize IMF Requirement to Slow Down Crypto Adoption in the Country Next articleActa Finance Enters the Avalanche Ecosystem After Successfully Rebranding From ADA Finance Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 Banks


On Tuesday, Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School announced a new research initiative focused on the “growing digital asset ecosystem.” According to CCAF, the newly launched collaborative effort involves 16 financial institutions such as the ... read more.Ukraine"s Cyberpolice Force Starts Accepting Cryptocurrency Donations Leaked Images Suggest Opensea Plans to Add Solana-Based NFT Support Proof-of-Work Ban Removed From Europe’s Proposed Crypto Regulation South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round

News Feed

Base overtakes Arbitrum for most active addresses so far this month
Brayden Lindrea4 hours agoBase overtakes Arbitrum for most active addresses so far this monthCoinbase layer-2 network Base has seen a strong start to April with active addresses outpacing Arbitrum.903 Total views31 Total
Michael Saylor ups BTC price forecast to $13M in mega-bullish keynote — Bitcoin 2024
Alex O’Donnell3 hours agoMichael Saylor ups BTC price forecast to $13M in mega-bullish keynote — Bitcoin 2024“Triple maxi” Bitcoin bulls could earn a net worth of $214 million by 2045, Saylor said.4011 Total view
Ether ETFs may be delayed, as institutions are unprepared — Web3 exec
Zoltan Vardai12 hours agoEther ETFs may be delayed, as institutions are unprepared — Web3 execHowever, while spot Ether ETF applications could see further delays, approval is just a matter of time, according to the CEO
2021 Crypto Market Stats Show a Number of Other Coins Gained More Than Bitcoin
2021 Crypto Market Stats Show a Number of Other Coins Gained More Than Bitcoin During the end of 2020 and into 2021, a great number of digital assets have seen s
Nigeria to ban peer-to-peer crypto trading in naira
Helen Partz14 hours agoNigeria to ban peer-to-peer crypto trading in nairaNigeria’s SEC is set to launch a new regulatory framework for crypto exchanges and custodians “in the coming days.”6236 Total views8 Total s
Stablecoin Issuer Tether Says It Is a Victim of a 500 BTC Ransom Demand Infoleak Threat
Stablecoin Issuer Tether Says It Is a Victim of a 500 BTC Ransom Demand Infoleak Threat Just days after the conclusion of its long-running feud with the Office o
Venezuela’s Bitcoin Use Soars Amid Hyperinflation: 3rd on Global Crypto Adoption Index
Venezuela"s Bitcoin Use Soars Amid Hyperinflation: 3rd on Global Crypto Adoption IndexVenezuelans have become increasingly interested in cryptocurrency as their country faces dire e
Helen Partz12 hours agoFTX founder’s expert witnesses could cost up to $1.2K an hourSam Bankman-Fried’s potential expert witnesses could charge more than the U.S. prosecution witnesses, according to court filings.349
Jesse Coghlan3 hours agoWhat’s next for the ‘crypto king’ Sam Bankman-Fried?The former FTX CEO is headed back to prison and awaits a potential second trial in March, while his lawyers pledged to “continue to vigo
Bitcoin In The Spotlight As World Liberty Financial Debuts Strategic Reserve
Este artículo también está disponible en español. By launching its Macro Strategic Reserve, World Liberty Financial (WLFI) has advanced significantly and strengthened its
Crypto Incidents Involving Exit Scams, Hacks, and Code Exploits Reach Record Low in December 2022 According to Certik
Crypto Incidents Involving Exit Scams, Hacks, and Code Exploits Reach Record Low in December 2022 According to Certik According to blockchain security company Certik, the number of
AAVE Dominates DeFi Lending – Metrics Reveal 45% Market Share
Este artículo también está disponible en español. Aave (AAVE), the leading decentralized finance (DeFi) lending protocol, has captured the spotlight with an extraordinary