The Japanese government is preparing to impose new responsibilities on cryptocurrency exchanges in order to prevent money laundering using cryptocurrencies.
Nikkei According to the report cited by the news agency, Japan will introduce new rules on user transfers on cryptocurrency exchanges. The new rules require crypto exchanges to share more information about users’ money transfers with government officials. In this way, the competent authorities trying to prevent money laundering by criminals, users’ names and addresses it is about to included too detailed customer information may request.
According to the shared report, the draft legal amendment for the traceability of crypto money transfers October 3It will be presented at the parliamentary session scheduled for . If the draft is accepted by the majority of the parliament 2023 It is expected to enter into force in May.
The law in question bitcoin and Ethereum as well as cryptocurrencies stablecoins will also apply to If the law is approved and crypto exchanges do not act according to the law and do not share the requested user information with the authorities, they will be subject to corrective orders or criminal sanctions.