Japan Closed Access to Its Crypto Companies for Russia

The lower house of the Japanese Parliament approved amendments to the legislation, thanks to which local cryptocurrency companies should close access to persons under sanctions due to Russia’s invasion of Ukraine.

Changes were made to the law on foreign currency. Also, the lower house until April 2023 increased duties on some of the imported goods for Russia, since this country lost its most favored nation status in trade.

Recall that Japan joined the many countries that imposed sanctions on Russia in response to the military invasion of Ukraine. In general, restrictions apply to approximately 550 people and 40 organizations from the Russian Federation.

In mid-March, the Japanese authorities began to study ways to block cryptocurrency transactions of sanctions entities from Russia, and also decided to revise currency legislation in order to prevent Russia from evading sanctions through digital assets.

Japan also urged the G7 countries to create and adopt a common regulatory framework for cryptocurrencies that would prevent the possibility of circumventing international sanctions.

On February 24, Russia carried out a paramilitary invasion of Ukraine on several fronts, shelling Kharkiv, Kyiv, Sumy, Chernihiv, Vinnytsia and other cities of various calibres.

The Ukrainian army is holding back the invasion of the enemy. From the hottest spots, the civilian population is trying to evacuate to other cities or even countries.

The world community organized to help the refugees and the Ukrainian army and imposed strict sanctions against Russia.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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