The Japanese government announces a strict ban on cryptocurrency industry transactions with Russia

Due to Russia's invasion of Ukraine, Japan, the United States and Europe have imposed economic sanctions on Russia, freezing Russian-related groups and personal assets. In order to prevent cryptocurrency transactions from becoming a sanctions loophole, the Japanese government strictly prohibits cryptocurrency companies from conducting transactions with Russia. According to Japanese media reports, in order to prevent cryptocurrency transactions from becoming a loophole in economic sanctions against Russia, the Japanese Financial Services Agency and the Ministry of Finance have asked cryptocurrency operators in Japan to stop trading with Russia on the 14th, requiring Japanese operators to confirm the cryptocurrency once it is confirmed. If the recipient of the payment is sanctioned or frozen, the payment cannot be made, and the Financial Services Agency/Ministry of Finance must be notified immediately. The Japanese government also requires operators to refer to the sanctions list announced by the government and strengthen the monitoring of cryptocurrency transactions.