Blocking Crypto Transactions With Russian Sanctions On Japanese Crypto Exchanges

As the top financial regulator, the Financial Services Agency and the Ministry of Finance in Japan began to announce some of their decisions. These decisions revealed the following about blocking crypto transactions:

• -Russians exposed to international sanctions on domestic crypto exchanges
• -Belarusians facing sanctions on many coins and exchanges

It has been clarified that all transactions made at the locations specified in the two articles must be suspended.

Tokyo also explains its goals, which plan to take action to prevent a gap in crypto transactions in response to the situations implemented in Russia and Belarus. In particular, actions have been taken to prevent the formation of gaps in economic and financial sanctions. In this regard, it can be seen that the USA and Europe will act in the same direction.

Progress in Sanctions Begins With Ministry Decisions

If it is observed that the transactions made by complying with the trade platforms and Japanese crypto exchanges in the decisions of the FSA and the Ministry are made by individuals who cover the sanctions, some results will emerge. The ministry also stated that these people should be rejected because they include sanctions. The ministry also stated that in this case, the rejection of those who appear to be suspicious should also take place. They also stated in their decisions that people who carry out such transactions should be reported to the FSA and the Ministry of Finance.

• -It was also stated that the impressions of crypto transactions should be increased as seen in the joint statements. Therefore, the government added to its explanations that the rules written in the sanction lists of the stock exchanges should be followed and the rules should be examined.
• -It is also among the predictions that sanctioned Russian customers will use aliases to increase their wealth in the crypto world and bypass the blocks.
• -Japanese Virtual Currency Exchange Association is on the way to creating guidelines for its members that establish the obligation to comply with sanctions. Thus, efforts will be started to ensure that members comply with the sanctions.

With the continuation of the situation, South Korea’s largest cryptocurrency exchanges have started to carry out transactions about Russians. On this issue, it has decided to ban all crypto transactions made from Russian IP addresses. In addition, all exchanges stated that the requests made by the Russians to create an account were not accepted.