Asian Countries Respond To Cryptocurrency Sanctions Against Russians

Crypto exchanges are regularly asked by global regulators for complying with sanctions against Russia as there are no legal platforms for trading cryptocurrency in the country itself.

While the US and European countries are taking steps of preventing Russia from the use of cryptocurrencies for evading sanctions, some of the Asian countries have also been responding to this situation.

Crypto exchanges fined by Japan for violation of sanctions

Japan recently became the latest Asian country requesting crypto firms on Monday for complying with the sanctions against Russia and do not process any cryptocurrency transactions which involve entities or people who become under sanctions in Belarus and Russia.

The Ministry of Finance and Financial Services Agency (FSA) of Japan has made a joint announcement about the sanctions against Russia and emphasizes that cryptocurrency is part of sanctioned restrictions and any such identified assets which are related to sanctions must be frozen.

The Financial Services Agency (FSA) of Japan stated that all transactions which are unauthorized according to the sanctions which include transfers of NFTs or cryptocurrencies are subjected to heavy penalties such as a fine of 1 million yen ($8,500) or imprisonment up till three years.

Crypto fundraising for Russia banned by Singapore

Singapore has also been taking steps in compliance with the sanctions against Russia. Last week the country reportedly has banned all the local finance institutes from performing financial transactions with the banks in Russia which are under sanctions or facilitating any fundraising for the government of Russia and its related institutions which comes under the sanctions including non-fungible tokens (NFTs), cryptocurrencies and transactions of any other digital assets.

Some crypto trading companies such as Luno crypto exchange executives have indicated it is very unlikely that Singapore crypto businesses would have any direct business relation with Russian entities or users.

Local Crypto IP addresses of Russia blocked by exchanges in South Korea

South Korea has also complied with the sanctions against Russia by blocking many local crypto exchange IP addresses of Russian individuals or entities.

According to Yonhap which is a local news agency reports, most of the main exchanges of South Korea such as Upbit have blocked all withdrawals from IP link addresses of Russia from March 3, and local exchanges such as Korbit, Gopax, and Bithumb have also blocked access of IP addresses from Russia.