Japan’s Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association have reportedly said they are trying to find ways of stopping blacklisted Russian entities from evading sanctions via the use of cryptocurrencies. Japan’s move to target Russian cryptocurrency users has come shortly after Tokyo imposed sanctions on Russian officials including the country’s President, Vladimir Putin.

On the other hand, a report suggested that the two parties are, however, not discussing or deliberating on a plan to block all Russian users. Instead, the report said the regulator is focused on finding ways to stop anyone that uses cryptocurrencies to evade sanctions.

As previously reported by Bitcoin.com News, some major cryptocurrency exchanges have refused to block all Russian users as has been demanded by many including Ukrainian President Volodymyr Zelenskyy. One of these exchanges, Kraken, said it cannot freeze the accounts of Russian clients without a legal requirement to do so.

#shorts #cryptocurrency

cryptocurrency, cryptocurrency btt,cryptocurrency ethereum,cryptocurrency shiba inu,cryptocurrencies,cryptocurrencies 2021,cryptocurrencies falling,cryptocurrencies how it works,cryptocurrencies how to invest,cryptocurrencies dogecoin, cryptocurrencies today, cryptocurrencies novices guide, promising cryptocurrencies 2021, news about cryptocurrencies

Japan’s top financial regulator, the Financial Services Agency (FSA), and the Ministry of Finance have told domestic crypto exchanges to suspend all transactions with Russians and Belarusians who have been hit with international sanctions. Per Nikkei and Reuters, Tokyo is moving “in line with the United States and Europe,” in a bid to prevent crypto transactions “from becoming a loophole in economic and financial sanctions” placed on Russia and Belarus. The FSA and the ministry have told trading platforms that in cases where transactions made via Japanese crypto exchanges are found to involve individuals who have been hit with sanctions must be rejected. Those that appear “suspicious” in this regard must also be rejected. Such transactions must also be reported to the FSA and the Ministry of Finance. In a joint statement, the bodies also called for the increased monitoring of crypto transactions and asked exchanges to pay attention to sanctions lists published by the government. On Friday last week, the G7 insisted that the international community would “impose costs on illicit Russian actors using digital assets to enhance and transfer their wealth.”Reuters quoted an unnamed FSA “senior official” as stating:“We decided to make an announcement to keep the G7 momentum alive. The sooner the better.”However, Nikkei added that some sanctioned Russian customers may seek to get around such blocks by “using pseudonyms,” as well as other measures, and stated that the “effectiveness” of the suspension was “uncertain.”Regardless, the Japanese Virtual Currency Exchange Association (JVCEA), the self-regulatory organization that comprises all of the nation’s registered crypto exchanges, is also planning to create a set of guidelines for its members – aimed at enforcing compliance with sanctions. Nikkei reported that the body is set to hold talks with the FSA in a bid to ensure funds do not flow to and from Russians subject to sanctions via Japanese crypto-related firms. Previously, all of South Korea’s biggest crypto exchanges have gone a step further – by banning all crypto transactions and account creation requests made from Russian IP addresses. Meanwhile, it seems that the USDT stablecoin issuer Tether does not intend to do the same. Last Friday, Ukraine Vice Prime Minister Mykhailo Fedorov asked Tether and its CTO Paolo Ardoino directly to “stop any transactions with the Russians! For peace!”And while the company didn’t reply to Federov directly, per a statement cited by Bloomberg, they said that,”Tether conducts constant market monitoring to ensure that there are no irregular movements or measures that might be in contravention of international sanctions.

All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/japanese-crypto-exchanges-told-block-sanctioned-russians-crypto-transactions.htm

#crypto #jpmorgancryptocurrency #bitcoinstocksymbol #bitcoinlocations #btcexplorer
#bitcointousdcalculator #

Bloomberg crypto contributor Sonali Basak joins Emily Chang to talk about how borderless crypto exchanges around the world comply with international laws and regulations, and how hard it is for exchanges to differentiate between Russian oligarchs and everyday people.

The push for revised margin trading caps aims to attract diverse traders, including institutional investors, while enhancing market liquidity.

Japan’s cryptocurrency exchanges are urging regulators to relax margin trading restrictions on popular cryptocurrencies such as bitcoin (BTC).

Exchanges in the country once offered leverage of up to 25 times principal capital, and trading volumes reached as high as $500 billion annually in 2020 and 2021, according to Bloomberg.

In early 2022, however, Japanese regulators limited crypto exchanges to offering leverage of only twice the principal capital, which led to trading volumes dropping drastically last year.

The Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulated body of local exchanges, is now arguing that these restrictions hinder market growth and discourage new participants.

Among the body’s demands is a request for higher leverage limits of at least 10 times the principal.

JVCEA Vice Chairman Genki Oda told Bloomberg in an interview that reforming the leverage rule could make Japan “more attractive for crypto and blockchain companies” and encourage more trading.

The regulators are expected to evaluate the proposals, taking into account market risks and investor protection. Any revisions to margin trading caps will undergo thorough reviews and consultations with industry participants.

The push for revised margin trading caps aims to attract diverse traders, including institutional investors, while enhancing market liquidity. Allowing higher leverage would also enable traders to manage their positions more effectively, JVCEA said.

Japanese crypto exchanges processed just over $110 million worth of trading volumes in the past 24 hours, data shows. Most volume was generated on bitcoin (BTC), ether (ETH) and xrp (XRP) trading, the data shows.

JVCEA’s comments come as Japan warms up to crypto regulation and stablecoin usage. Lawmakers are said to be exploring Web3 regulations to support the growth of NFT and virtual lands-related businesses in the country, while local banks are working on plans to issue their own stablecoins – tokens pegged to a fiat currency such as the Japanese yen – in the coming months.

https://www.coindesk.com/markets/2023/06/20/japans-crypto-exchanges-push-for-10-times-leverage-on-margin-trading-bloomberg/

#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #trading #tradingnews #tradingnewstoday #investing #investingnews #investingnewstoday #markets #marketsnews #marketsnewstoday #japan #japannews #crypto
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple