Japan will change the currency legislation due to the possibility of circumventing sanctions

The Japanese government will revise the law on foreign exchange in order to prevent circumvention of sanctions against RUSSIA. This was stated by Prime Minister Fumio Kishida at the parliamentary session, reports Sankei.

“Permitting free conversion into crypto assets will be a loophole to circumvent sanctions, so we are preparing to submit a revision of the foreign exchange law to parliament to further strengthen the effectiveness of sanctions,” Kishida said.

Under Japanese law, banks must require confirmation that the recipient of money transfers is not under sanctions. An exception is made for companies that are engaged in cryptocurrency operations.

Against the backdrop of Russia's military operation in Ukraine, Japan froze the assets of Russian banks VEB, Promsvyazbank and Rossiya Bank. The country's authorities have imposed sanctions against 49 organizations in the aircraft-building, shipbuilding, and defense sectors, as well as the MIPT University. Japanese manufacturers are prohibited from supplying goods to these organizations. Later, 80 more companies were added to the list.