Japan to Block Crypto Asset Loopholes against Russia

Politics

Tokyo, March 28 (Jiji Press)--Japan's Prime Minister Fumio Kishida said Monday that the country should block crypto asset loopholes against Russia, which is invading Ukraine.

"To not give (Russia) a financial loophole, we will prepare for a foreign exchange law revision during the current regular parliamentary session in order to strengthen the effectiveness of measures to prevent Russia from avoiding sanctions using crypto assets," Kishida told a meeting of the House of Councillors Audit Committee.

The government plans to require crypto asset exchange service providers to confirm that individuals or groups to which crypto assets are transferred are not subject to sanctions against Russia.

"We will continue sanctions while cooperating with the international community in order to make Russia stop the war and take constructive measures," Kishida said.

On calls for Russia to be ousted from the Group of 20 framework of major and emerging economies including Japan, he said: "We must hold discussions with other G-20 members, such as Indonesia, which currently has the (G-20) presidency. We will act appropriately while watching future developments."

[Copyright The Jiji Press, Ltd.]

Jiji Press