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Japan steps up cryptocurrency regulation to prevent Russia from circumventing sanctions

Japan steps up cryptocurrency regulation to prevent Russia from circumventing sanctions

The bill will oblige cryptocurrency exchanges to check whether the recipients of transactions fall under the sanctions imposed because of the conflict in Ukraine.

According to Japan Today, Japanese Prime Minister Fumio Kishida stated on March 28 that the government would prepare a bill for the current parliamentary session by mid-June.

"Allowing free conversion to crypto-assets would be a loophole to circumvent sanctions, so we plan to submit a revision of the foreign exchange law to Parliament so as to improve the effectiveness of sanctions further," said the Prime Minister.

This proposal is part of the amendments to the law on currency exchange and trade. The government will also deprive sanctioned entities from conducting currency transactions via third parties.

As it stands, the law obliges banks to verify the recipients of transactions while leaving crypto exchanges unaffected. However, the government has previously asked cryptocurrency companies operating in the country to increase the monitoring of crypto assets.

Recall that the European Union and the U.S. drafted similar bills. 

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