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Japanese crypto industry to toughen sanctions against Russia

 


American diplomats are pressuring Japanese crypto companies to stop doing business with Russia as part of the financial sanctions imposed.


According to the Financial Times on Thursday , the relevant US diplomats have ordered 31 Japanese crypto exchanges and some crypto miners to suspend their operations in Russia.



No more crypto trading for Russia

As a result, the Japanese Financial Market Authority FSA has now ordered the respective companies to withdraw entirely from Russia. In March, the authority had actually already announced that high fines or even imprisonment could be imposed on all crypto companies that continue to cooperate with Russia and Belarus.


Japan's government issued its own sanctions against Russia in February, including import bans on Russian gold, the cessation of certain financial services for Russia and the freezing of Russian assets. As the Financial Times explains, the Japanese crypto companies in question do not operate directly in Russia, but have subsidiaries that are in turn linked to Russian companies and thus indirectly violate the sanctions.


As of June, 31 crypto trading platforms are approved by the FSA in Japan , including well-known players such as DeCurret, bitFlyer, Coincheck and OKCoin.

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