Japan Will Review its Legislation to Combat Use of Crypto to Evade Russian Sanctions

The authorities of Japan plan to revise their currency legislation in order to prevent Russia from evading sanctions through digital assets, Reuters reports.

According to the publication, the authorities of the country will present an updated law on foreign exchange and foreign trade at the current session of parliament, Cabinet Secretary General Hirokazu Matsuno has said.

The upcoming amendments will reportedly allow the law to be applied to cryptocurrency exchanges and oblige them to check whether their clients are under sanctions or not.

After Russia started its invasion in Ukraine, Japan joined the long list of countries that have imposed a sanctions on Russia.

The country has started this month to study ways to block cryptocurrency transactions of sanctioned entities from Russia.