Share this article
Japan to Plug Loophole to Prevent Russia From Evading Sanctions Through Crypto: Report
Reuters reports a number of top government officials promising an imminent change to the country's Foreign Exchange and Foreign Trade Act.
By Amitoj Singh
Updated May 11, 2023, 3:54 p.m. Published Mar 28, 2022, 12:22 p.m.
The government of Japan's Prime Minister Fumio Kishida will soon submit to parliament a revision to its foreign exchange law aimed at blocking Russia from skirting Western sanctions via crypto, according to a Reuters report.
- Following last week's Group of Seven summit in Belgium, Kishida in parliament on Monday called for amendments to Japan's Foreign Exchange and Foreign Trade Act, and Chief Cabinet Secretary Hirokazu Matsuno - speaking at a press conference - promised revisions would soon be submitted to lawmakers, the report said.
- Speaking with Reuters, a finance ministry official said discussions had already begun on the proposed changes.
- The revisions are aimed at strengthening protections against Russia trying to evade sanctions with digital assets.
- Earlier this month, Japan's Financial Services Agency and the Ministry of Finance demanded that about 30 crypto exchanges not conduct asset transactions with sanction targets. At the time, the body representing crypto-asset exchange companies announced it "will take guidance and other necessary measures for members who are engaged in the crypto asset exchange business so that they can appropriately and smoothly respond to the response required by this request."
- Exchanges today said they had started confirmation of the screening status of each member for reliable screening, and examined the possibility of efficient screening using a blockchain analyst.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
What to know:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
Top Stories
