Japan To Step Up Crypto Regulations Against Russia
Japan is strengthening its regulations on cryptocurrencies to make sure international sanctions on Russia are effective.
The government plans to submit to the current session of the Diet proposed changes to the foreign exchange law.
The draft revisions are aimed at preventing entities covered by sanctions from transferring digital assets.
Crypto exchanges will be required to check if recipients are on the blacklist before allowing a transfer.
The United States, European countries and Japan have barred some Russian banks from the international money transfer network called SWIFT.
But observers have pointed out that entities targeted by sanctions could use cryptocurrencies to convert their assets and move funds.