Assertive! Japan Will Fine Local Crypto Exchanges That Do Not Limit Crypto Transactions From Russia And Belarus

Japan stops crypto transactions from Russia. (Photo; Colton Jones-Unsplash)

JAKARTA – In the midst of financial sanctions imposed by various countries against Russia, the Japanese government recently ordered restrictions on cryptocurrency transactions from Russia and Belarus. This was aimed at isolating the Russian financial system from invading Ukraine.

According to DailyCoin, after a meeting held on March 11, the leaders of the G7 – the world's seven most politically influential countries – issued an agreement to maintain restrictive sanctions, preventing Russia from evading financial sanctions.

“In particular, in addition to other planned measures to prevent evasion, we will ensure that the Russian state and elite, proxies and oligarchs are not able to leverage digital assets as a means to avoid or offset impacts. international sanctions."

Following the release of the statement, Japanese authorities demanded that their local crypto exchanges stop processing crypto transactions originating in Russia and Belarus.

To date, there are 31 cryptocurrency trades in Japan, including the popular bitFlyer, Bitbank, and Coincheck. The government is urging crypto exchanges to stop transactions from the above two countries. For crypto exchanges deemed to have violated the order, they will be subject to a prison sentence of up to 3 years or a fine of 1 million yen or around Rp. 121 million.