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Japan’s FSA asks cryptocurrency exchanges to comply with sanctions restrictions, with a three-year prison sentence as a penalty

The Financial Services Agency (FSA), Japan’s primary financial regulator, declared Monday that the country will contribute to international sanctions efforts in response to Russia’s war on Ukraine.

So, According to the FSA, the Cabinet has given its consent to implement…

“a variety of measures, including payment limits under the Foreign Exchange and Foreign Trade Act.”
The financial regulator and the Ministry of Finance have asked crypto exchanges in the country not to conduct transactions. Which, are subject to asset-freeze penalties against Russia and Belarus, according to the financial regulator.

“All payments, including payments by crypto assets, cannot be made to sanctioned persons without prior permission.”

Unauthorized payments to sanctioned persons carry a penalty of three years in prison and/or a fine of up to one million yen ($8,481), according to the regulator.

The announcement came after the Group of Seven (G7) governments announced sanctions against Russia on Friday. So, According to Reuters, a top FSA officer said:

“We decided to make an announcement to keep the G7 momentum alive … The sooner the better.”

More so, The FSA and the Japanese Ministry of Finance said in a joint statement that the government will work together. So, to reinforce measures against the transfer of cash using crypto assets in breach of the penalties.

Lastly, According to the list of recognized crypto exchanges on the FSA website. So, there are currently 30 passing registration crypto exchanges in Japan.

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