Japanese Government Efforts To Prevent Cryptocurrency Laundering
The Japanese government has just passed new bills aimed at preventing money laundering with cryptocurrencies and the financing of terrorism.
The Cabinet, the executive arm of the Japanese government, has passed an anti-illegal money transfer bill, a trade bill, and an asset freeze bill to purge international terrorism, Bittimes reported.
Violators will face stiffer penalties, with cryptocurrencies also included in this bill.
Under the new rules, providers of trading services or crypto assets are obliged to collect and provide information (such as names and wallet addresses) when necessary, similar to previous cash transactions. But despite being approved by the cabinet, the above regulations still need the unanimous nod of the National Assembly.
In parallel with the above bills, the Japanese Financial Supervisory Authority (FSA) has also strengthened control measures such as using artificial intelligence (AI) application systems to detect and prevent fraudulent behavior. money laundering.
As recommended by the Financial Action Task Force, since last year, many crypto companies in the country have been struggling due to the harsh tax policy and the strict regulatory intervention of the government.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
Japanese Government Efforts To Prevent Cryptocurrency Laundering
The Japanese government has just passed new bills aimed at preventing money laundering with cryptocurrencies and the financing of terrorism.
The Cabinet, the executive arm of the Japanese government, has passed an anti-illegal money transfer bill, a trade bill, and an asset freeze bill to purge international terrorism, Bittimes reported.
Violators will face stiffer penalties, with cryptocurrencies also included in this bill.
Under the new rules, providers of trading services or crypto assets are obliged to collect and provide information (such as names and wallet addresses) when necessary, similar to previous cash transactions. But despite being approved by the cabinet, the above regulations still need the unanimous nod of the National Assembly.
In parallel with the above bills, the Japanese Financial Supervisory Authority (FSA) has also strengthened control measures such as using artificial intelligence (AI) application systems to detect and prevent fraudulent behavior. money laundering.
As recommended by the Financial Action Task Force, since last year, many crypto companies in the country have been struggling due to the harsh tax policy and the strict regulatory intervention of the government.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
Latest
Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard
Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain
Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049
Press Release
Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard
Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain
