The Japanese authorities intend to tighten the financial system so that the Russians cannot circumvent the sanctions because of the attack on Ukraine.
Japan is securing its financial system
The sanctions imposed by the West (mainly the US and the EU) are hitting the Russian economy hard. In addition, the Japanese financial regulator and the national industry body for cryptocurrencies are now trying to ensure their effective use. Officials want to limit m.in the transfer of digital assets belonging to individuals and entities on the sanctions list.
The Financial Services Agency and the Japan Association for the Exchange of Virtual Assets and Cryptocurrencies, because these entities are in question, claim at the same time that their plan does not contain any proposal to hit all Russian clients of cryptocurrency exchanges.
Japanese Finance Minister Shunichi Suzuki said authorities are currently reviewing the situation.
“We are closely monitoring the situation regarding settlements,” he admitted, adding that Japan wants to “secure the effectiveness of sanctions against Russia.”
The head of the association, Satoshi Hasuo, who is also the president of the Tokyo exchange Coincheck, said that he would work with the Financial Services Agency to consider what specific measures are possible in the current situation. At the same time, he explained that the authorities are considering how to ensure that cryptocurrencies do not help The Russians under sanctions today.
Apparently, actions such as blocking “banking transactions” involving Russian cryptocurrency miners and freezing digital assets of specific Russians that are stored on Japanese exchanges are at stake.
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