Authorities in Japan mull tougher crypto rules to prevent Russians from evading sanctions.
Authorities in Japan are planning to introduce tougher new rules for crypto operators as part of efforts to prevent Russia from using cryptocurrencies to evade sanctions. The legislative initiative comes after Tokyo asked digital asset exchanges to strengthen transactions monitoring this month.Amid concerns that Russia and its elites may employ cryptocurrencies to circumvent international sanctions, Japanese authorities are going to stiffen regulations for cryptocurrency exchanges.
To obligation will be introduced through amendments to the country’s foreign exchange and trade law, according to government sources quoted by Japan Today. The revision aims to also deprive sanctioned individuals and entities of opportunities to transfer crypto assets to a third party account, the publication detailed.
Russia is facing unprecedented penalties that have restricted its access to the global financial market and its reserves in foreign currency and gold. Reports have revealed that Russian officials are
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