Crypto To Provide Russia With An Escape From Sanctions? How Japan Will Try T...

Authorities in Japan are planning to introduce tougher new rules for crypto operators as part of efforts to prevent Russia from using cryptocurrencies to evade sanctions. The legislative initiative comes after Tokyo asked digital asset exchanges to strengthen transactions monitoring this month. Government of Japan to Close Loopholes for Russians in Crypto Space Amid concerns that Russia and its elites may employ cryptocurrencies to circumvent international sanctions, Japanese authorities are going to stiffen regulations for cryptocurrency exchanges. The platforms will be....

It has been argued that Russia may avoid Western sanctions for invading Ukraine by using cryptocurrencies. However, is it viable? The small scale of the cryptocurrency market restricts Russia’s capacity to use cryptocurrencies to bypass international sanctions, according to credit rating agency Moody’s. Analysts predict that sanctions will prompt the Russian Federation to create alternatives to […]

Global regulators continue asking crypto exchanges to comply with sanctions against Russia as the country itself has no legal crypto trading platforms. Amid the United States and the European Union taking measures to prevent Russia from using cryptocurrencies to potentially evade sanctions, some countries in Asia have also been moving to respond to the situation.Japan to fine crypto exchanges for violating sanctionsJapan became the latest country in Asia to call cryptocurrency firms to comply with sanctions against Russia, requesting on Monday that they  not process crypto transactions....

Blockchain Association's Jake Chervinsky believes politicians should not be worried that Russia may use crypto to get around economic sanctions because it is not feasible at the scale required. Experts on crypto policy argue that concerns expressed by high profile politicians about Russia evading economic sanctions using cryptocurrency are “totally unfounded.”They say the crypto market is not nearly large enough nor deep enough to support the volume that Russia needs and that the country’s digital asset infrastructure is minimal. Former U.S. Secretary of State Hillary Clinton and the....

Crypto use is likely to grow among ordinary citizens of both nations — though it won’t help Russia’s elite dodge economic restrictions. With the concerns of Janet Yellen and Hillary Clinton notwithstanding, there isn’t enough cryptocurrency in the world to bail out Russia from the economic hole which it now finds itself to be settling into. Even if there were a large enough supply, it probably wouldn’t enable the state to escape the scourge of a Western embargo.As David Carlisle, director of policy and regulatory affairs at Elliptic, told Cointelegraph: “It’s critical to keep in mind that....