Japan is expected to enact new rules on money transfers to prevent the use of crypto in money laundering, according to local news outlet Nikkei. Action Task Force (FATF)
Amendments to the Law on Prevention of Criminal Transfers It will be implemented in the National Legislative Assembly on Oct. 3, adding crypto to the Travel Rule, according to Nikkei. report The rules will be amended to require exchange operators to collect customer data on transactions involving cryptocurrencies and stablecoins, just as they would for cash transactions.
The Foreign Exchange and Foreign Trade Act and the International Terrorist Asset Settlement Act. It will be updated to reflect the changes. This will come into effect in May 2023 for violating exchanges. There will be criminal penalties for violating the order.
Japan has been taking important steps in regulating crypto over the past few months. In June, Congress passed a law restricting stablecoin issuance by non-banking institutions. and in July The Ministry of Economy, Trade and Industry has launched the Web3 Policy Office to promote the Web3 business environment.
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