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Japan Sets Penalties on Crypto Exchanges for Violating Russia Sanctions: Report
Fines could reach as much as 1 million yen ($8,500), with executives facing up to three years in prison.
Updated May 11, 2023, 4:29 p.m. Published Mar 14, 2022, 10:54 a.m.
Japan's government and financial regulator have laid out the penalties crypto exchanges could face if they fail to comply with sanctions imposed on Russia following its invasion of Ukraine.
- The Financial Services Agency and Ministry of Finance announced the penalties in a joint statement Monday, according to a report by Forkast.
- Crypto exchanges making unauthorized payments to sanctioned individuals could be fined as much as 1 million yen ($8,500), with executives facing up to three years in prison.
- The financial regulator also requires exchanges to report any suspected instances of such transfers.
- There have been concerns that crypto could be used as a means of evading sanctions placed on Russia and some individuals. There has yet to be any clear sign that this is happening.
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Read more: White House, G7 Say New Guidance Is Coming on Crypto Sanctions Evasion
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The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
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- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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