U.S., Japan and EU rush to close crypto loophole in Russia sanctions

Mar 04, 2022 | News On Japan

Mar 04, 2022 (Nikkei) - Japan and its Western peers are racing to crack down on cryptocurrency transactions by Russians trying to dodge sanctions imposed after Moscow's invasion of Ukraine, but the effort faces enormous challenges because the targeted assets are decentralized and lack single administrators.

The U.S., Japan and the European Union blocked major Russian banks from the SWIFT global payment network as part of the sanctions, temporarily sending the value of the ruble down 30%. This has prompted Russian individuals and businesses to turn to cryptocurrencies for sending their money offshore -- a loophole that countries involved in the sanctions are aiming to close.

The Japan Virtual and Crypto Assets Exchange Association (JVCEA), the industry's self-policing organization in the country, began discussing new rules Thursday including a ban on transactions involving Russia that are mediated by exchanges.

About 17.3 million residents of Russia own cryptocurrency -- nearly 12% of the population, according to crypto payments company TripleA. Many blockchain developers hold crypto assets, and some wealthy Russians have used them as a channel to move money offshore.

Russian nationals have invested 5 trillion rubles ($46.6 billion at current rates) in cryptocurrency, said a lawmaker in Russia's lower house cited by Tass news agency. ...continue reading

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