Japanese authorities ordered crypto exchanges on Monday not to process transactions involving crypto assets subject to asset-freeze sanctions against Russia and Belarus over the war in Ukraine.
The step was taken after a Group of Seven statement on Friday that said Western nations "will impose costs on illicit Russian actors using digital assets to enhance and transfer their wealth."
There are growing concerns among the G7 advanced economies that cryptocurrencies are being used by Russian entities as a loophole for financial sanctions imposed upon the country for invading Ukraine.