Japan to revise foreign exchange law to end crypto loophole for sanctions on Russia

FILE PHOTO: Japan's new Chief of Cabinet Secretary Matsuno Hirokazu announces new cabinet members at a news conference in Tokyo, Japan October 4, 2021. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Japan will revise its foreign exchange law to prevent Russia from evading Western financial sanctions following Moscow's invasion of Ukraine through cryptocurrency assets, top government officials said on Monday.

The government will submit a revision of the Foreign Exchange and Foreign Trade Act to the current parliament session to strengthen protections against potential sanction-busting by Russia through digital assets, Chief Cabinet Secretary Hirokazu Matsuno said in a press conference.