On the 5th, the government decided on a roundabout cabinet meeting to revise related laws, such as tightening regulations to prevent crypto assets from being misused as loopholes, in order to strengthen sanctions in Russia.
Of these, as a measure to strengthen sanctions on crypto assets, we will submit a bill to amend the Foreign Exchange Law to the Diet.
Regulate the transfer of crypto assets to third parties by those subject to sanctions, and ask crypto asset exchanges in advance to confirm in advance whether the customer's destination is not subject to sanctions, as is the case with financial institutions. Mandatory.
This aims to prevent Russia from misusing crypto assets as a loophole in sanctions.
In addition, as a trade sanction, a draft amendment to the Tariff Provisional Measures Law was submitted, and the contents necessary to withdraw the "most favored nation treatment" that guarantees preferential treatment in trade were added.
If established, the low tariffs applied to imports from Russia under the WTO = World Trade Organization rules will be withdrawn.
Until the end of March next year, tariffs on processed pine wood imported from Russia will increase from 4.8% to 8%, fish and shellfish salmon and salmon roe will increase from 3.5% to 5%, and crabs will increase from 4% to 6%. It is expected to be raised.
The tariffs added to the top 100 items are estimated to be approximately 3.6 billion yen.
In order to clarify the strict stance toward Russia, the government plans to establish it in the current Diet session.