Japan’s New Remittance Laws, Crypto Exchanges May Share Customer Information

The Japanese government may modify its remittance regulations so that cryptocurrency exchanges must divulge information about their customers and transactions.

In an effort to control the cryptocurrency industry, the Japanese government is thinking about implementing a new regulation. At a cabinet meeting on October 16, representatives discussed a “bundling measure,” which would combine six different laws to make it impossible for money to be laundered in the cryptocurrency market.

The Foreign Exchange Act and the Prevention of Transfer of Criminal Proceeds Act are two of the legislation. This would necessitate the disclosure of sender and receiver information by cryptocurrency exchanges. Additionally, it wants exchanges to set up a system where a list of sanctioned businesses is available.

The adjustment concentrates on transactions where the funds have been removed from the platform, aiding in transaction tracing. Punitive measures may be taken against those who are found guilty of engaging in illegal activity. The regulations are anticipated to take effect in May 2023 if the amendment is approved.

Lazarus Group is allegedly responsible for a number of thefts

The Japanese government has also revealed that North Korea’s Lazarus group was behind years of crypto hacks in Japan. They said that phishing was one of the most common methods of attack.

The official statement was released to increase public awareness. The National Policy Agency advised users against hastily opening email attachments because it is thought that the gang is also aiming its attacks at Japanese companies.

Japan is attempting to modify numerous regulations

Like the majority of other countries, Japan is eager to exercise more control over the cryptocurrency sector. The Financial Services Agency has often made declarations in support of that. Following lobbying by crypto groups that claim the tax restrictions are onerous, officials are also examining the corporate tax regulations for cryptocurrency enterprises starting in 2023.

Following the collapse of the Terra ecosystem, the nation established a historic stablecoin law. It is now developing its own CBDC while emulating Sweden rather than China.

But it also wants to support the industry’s growth and innovation. To help the economy, the government has expressed interest in web 3. This would incorporate social web3, metaverse, and NFT integration.

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