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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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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
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- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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