Japan has set penalties for crypto-asset trading platforms that fail to comply with sanctions against Russia.
According to the news of Forkast, Japan has joined the list of countries that warn crypto companies that do not comply with the sanctions. According to a joint statement from Japan’s Ministry of Finance and the country’s Financial Services Agency, crypto-asset trading platforms and managers who pay sanctioned individuals face up to three years in prison, and can be fined up to 1 million yen, equivalent to $8,500.
The regulator also required platforms to report suspicious transactions. As it is known, there are some concerns that the sanctions against Russia could be breached through crypto assets. In response to these concerns, both the US and the UK have recently issued warnings and guidelines.
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