United States, Japan licensed crypto stop with Russia

United States, Japan licensed crypto stop with Russia

 US diplomats have reportedly urged Japanese-licensed crypto exchange platforms to stop doing business with Russia, as part of the economic sanctions Moscow received after its invasion of Ukraine in February. Launching from Cointelegraph, US diplomats asked several Japanese officially licensed crypto exchange platforms and crypto mining platforms based in the Irkutsk region, Russia, to cease operations in Moscow. 

The Irkutsk area is the main choice for crypto miners because the temperature is relatively low, so it requires less engine cooling. In addition, the area is famous for providing cheap hydroelectric power. The Japanese Financial Services Agency (FSA) has ordered Japanese-licensed crypto exchanges to cease their remaining operations with Russia. The FSA and Japan's Ministry of Finance in March warned crypto companies to monitor transactions involving sanctioned individuals or entities in Russia and Belarus.

 Since Russia's invasion of Ukraine, the Japanese government has imposed sanctions on Russia, including a ban on imports of Russian gold, a ban on providing certain accounting services, and a freeze on Russian assets. Although many Japanese crypto mining and companies do not operate directly in Russia, they do have subsidiaries that work closely with local Russian companies, which are allegedly on the sanctions list. 

All crypto exchange platforms that wish to offer crypto-related services in Japan, must be registered with the FSA. As of June 17, there were 31 registered and licensed crypto exchanges in Japan, including DeCurret, bitFlyer, Coincheck, and OKCoin.

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