Japan intends on tightening regulations around cryptocurrency exchange to prevent sanctioned countries from taking evasive actions using digital assets.
Hirokazu Matsuno, the Chief Cabinet Secretary, said in a press conference on Monday that the Japanese government plans to make an amendment to its Foreign Exchange and Foreign Trade Act. The aim of this amendment is to bring cryptocurrency exchanges under the scope of laws that govern banks.
Under the revised foreign exchange laws, cryptocurrency exchanges, similar to banks, will be required to verify and flag any transactions associated with sanctioned Russian individuals or groups.
The newly elected prime minister of Japan, Fumio Kishida, also supported …
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Source: Cryptocurrency - investing.com
