Among the United States and the European Union are taking measures to prevent Russia from using them. cryptocurrencies to evade sanctions Some Asian countries have also moved in response to the situation.
Japan threatens fines if crypto exchanges violate sanctions
Japan has become the latest country in Asia to be called a cryptocurrency company. (cryptocurrency) to comply with sanctions on Russia by requesting on Monday that They do not process crypto transactions involving sanctioned individuals or entities in Russia and Belarus.
Japan Financial Services Agency (FSA) and Ministry of Finance got outJoint statement on sanctions against Russia Emphasizing that Cryptocurrency is part of the limitations. and any digital assets identified as being involved in the sanctions should be suspended.
and it is reported that the FSA sayThat transactions that are not allowed under the sanctions, including the transfer of cryptocurrencies or nonfungible tokens (NFTs), will face major penalties, such as up to three years in prison or a fine of 1 million yen ($8.500).
The latest sanctions alert from the Japanese government comes shortly after the European Union, the United States and the G7 nations announced new actions aimed at the Russian economy and wealthy individuals linked to efforts to avoid it. Boycott Using Crypto
Singapore bans crypto funding for Russia
Other Asian countries, such as Singapore, have also moved to comply with sanctions against Russia. During the past week It is reported that SingaporeprohibitAll local financial institutions prohibit transactions with sanctioned Russian banks. as well as facilitating funding for the Russian government and related agencies. The sanctions cover cryptocurrency transactions, NFT tokens and other digital assets.
The executives of some crypto businesses, such as crypto exchange Luno, have reported that most crypto businesses in Singapore are unlikely to have direct business relationships with individuals or entities in Russia. It also said the fund was not affected by sanctions against Russia.
Oi-Yee Choo, CEO of ADDX said, “We conduct Know Your Customer and Anti-Money Laundering audits with all of our investors. So we don’t have any anonymous transactions.”
Major crypto exchange in South Korea blocks Russian IP address
South Korea previously joined global sanctions against Russia by having several local cryptocurrency exchanges block IP addresses or Russian users.
According to local news outlet Yonhap, major South Korean exchanges include Upbit. blogWithdrawals from Russia-linked IP addresses as of March 3. Other local crypto exchanges such as Gopax, Bithumb and Korbit have also restricted access to platform accounts from Russian IP addresses.
Thailand Offers Russians Crypto Payments As Other Payment Methods Blocked
On March 8, the President of the Phuket Tourism Associationsaythat the Group is negotiating with the Bank of Thailand Regarding the possibility of using cryptocurrency as a payment alternative for Russian tourists stranded in the country due to sanctions
Earlier, Mastercard and Visa debit and credit cards were not available in Russia abroad. This is because the payments giant has decided to cut all Russian support as part of the sanctions.
“Cryptocurrencies will act as an alternative. while the main transaction cannot be executed.”