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Japan’s financial regulator and the country’s industry body for cryptocurrencies have begun discussions to assess how sanctions can be effectively enforced against Russia, a regulatory official said.

The Financial Services Agency and the Japan Virtual and Crypto Assets Exchange Association are examining ways that could effectively block the transfer of crypto assets involving people and entities on the nation’s sanctions list, said the official, who asked not to be identified. The discussions do not currently involve any proposal to shut off access for all Russian clients, the official said.

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