According to Nikkei’s news, the Japanese government is trying to prevent criminals from laundering money. cryptocurrency plans to introduce new rules for remittances to prevent them from using its exchanges.
Japan to Request Information of Asset Transfers from Cryptocurrency Exchanges
Rules, exchanges between platforms bitcoin and will require customers to share customer information, including their names and addresses, when they transfer cryptocurrencies.
The move aims to provide Japanese authorities with additional tracking capabilities to track money transfers from individuals engaged in illegal activities. According to the news, those who violate these rules may face administrative orders or criminal sanctions.
Japan’s Prevention of Transfer of Proceeds of Crime Act will be amended to include new remittance rules.
A draft amendment to the law will be submitted to a parliamentary session scheduled for October 3, but the rules are expected to take effect in May 2023, the report said.
Japanese crypto exchanges are in talks with the government to share customer information on money laundering rules applicable to cryptocurrencies with the Japan Financial Services Agency (FSA).
The new rules will also apply to stablecoins that work by pegging their price to the US dollar or gold price.
The news comes at a time when the Japanese yen has steadily lost value against the dollar. The yen fell to its lowest level in 24 years at 145.90 per dollar earlier this week.
The world’s largest cryptocurrency exchange, Binance, has recently come to the fore with licensing efforts to relaunch in Japan.
*Not investment advice.
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