The Japanese government would allegedly implement remittance laws in an effort to prevent criminals from using cryptocurrency exchanges to launder money. The new restrictions are set to go into force next spring, maybe as early as May 2023.
Read CRYPTONEWSLAND onThe new measures, once implemented, will require customer identification when sending cryptocurrencies through various crypto exchanges. This will also apply to stablecoins as the Japanese government prepares to establish a more comprehensive crypto monitoring system in the country, according to Japanese media.
Japan has previously enacted the Act on Prevention of Transfer of Illegal Proceeds, which essentially prohibits the transfer of criminal cash. The statute, however, will be changed to require crypto exchange companies to share client information.
The move is intended to trace transactions made by those involved in illegal activity. Furthermore, the regulation will include cryptocurrency in the travel laws that regulate money transactions.
The Foreign Exchange and Foreign Trade Act, as well as the International Terrorist Asset-Freezing Act, which are both related to money laundering, will be revised.
The revised legislation would also allow anybody related to North Korean and Iranian nuclear initiatives to have their financial and real estate operations in Japan regulated.
When moving bitcoin to another exchange, cryptocurrency exchanges will be required to give customer information, including the consumer’s name and address, under the modified rule. The legislation intends to trace the locations and timings of illicit bitcoin transfers.
Furthermore, if a crypto exchange operator is discovered to be in violation of the regulations, they will be sent administrative instructions. Corrective steps must be taken in the trade in question. Those who defy such directions will also face criminal penalties.
🌐 Tether, TON, and Oobit team up to make crypto transactions smoother than ever. 💳…
#CYBRO tokens are available at discounts of 3 times off their future market price, generating…
Analysts contemplate #XRP's unique possibility of outperforming #Bitcoin and #Ethereum this cycle. #Crypto #Altcoins #ETH…
Singapore, Singapore, May 17th, 2024, ChainwireMining Now, a trusted and reputable real-time crypto-mining insights provider…
🚀 Unlock the power of staking in 2024 with top crypto picks! 💰 Earn passive…
#Crypto analysts predict that #BEFE can grow by 3000% real quick as the asset continues…