According to the news of the Financial Times, which is based on people with knowledge on the subject, the USA, Japan, Russia and Ukraine because of the conflict. cryptocurrency demanded that he pressure exchanges and cryptocurrency miners to sever their ties to Russia.
US Requests Japanese Cryptocurrency Companies to Suspend Operations in Russia
Speaking to the FT, the two said that the US specifically asked Tokyo to stop its companies’ crypto mining activities in the Irkutsk region of Siberia.
The region is preferred for crypto mining operations due to its low temperatures and cheap hydroelectric power.
According to the information provided to the FT by people close to the three cryptocurrency exchanges, Japan’s Financial Services Agency has renewed its demands for the Japanese exchanges it oversees to end such relationships.
People familiar with the matter said that some Japanese exchanges and crypto mining businesses are developing complex partnership networks to maintain their operations in Russia.
Since the beginning of the war between Russia and Ukraine, the United States has begun to impose sanctions against crypto mining and exchanges within Russia. Some exchanges and miners had therefore ceased their operations in Russia.
However, there are different assessments as to whether Russia is using crypto assets to circumvent US sanctions. The US government had previously reported that they could not find evidence that Russia used crypto assets to circumvent the said sanctions.
bitcoin and the supervisory pressure on cryptocurrencies has also gained momentum since the Terra collapse. In particular, US officials plan to increase their influence in the crypto asset market.
*Not investment advice.