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Japan to Enforce Tougher Crypto Anti-Money Laundering Laws Next Month: Report
Earlier this month, global financial crimes watchdog FATF urged G-7 economies like Japan to lead by example to implement its controversial "travel rule" for crypto transfers.
Japan is set to implement stricter anti-money laundering measures, including the so-called "travel rule" of the Financial Action Task Force (FATF) from June 1, according to local news outlet Kyodo News.
The decision was made by Japan's cabinet on Tuesday after the nation's anti-money laundering steps were deemed insufficient by global financial crimes watchdog FATF, the report said.
STORY CONTINUES BELOW
In 2019, the FATF recommended the travel rule to combat money laundering and terrorist financing using crypto. By June 2022, the FATF was urging member nations to introduce travel rule legislation "as soon as possible."
Earlier this month, the Group of Seven (G-7) intergovernmental political forum signaled its support for the FATF's efforts to accelerate global implementation of its travel rule, which mandates the sharing of information on crypto fund transfers between financial institutions. Japan had not implemented the travel rule at the time.
Japan's move to implement the rule is seen as a bid to align with global standards supported by the G-7, of which Japan currently holds presidency.
Japan's crypto industry has been grappling with the travel rule since 2021 when Japan’s Financial Services Agency (FSA) requested virtual asset services providers to implement it. In April 2022, Japan's Virtual Currency Exchange Association (JVCEA) introduced self-regulatory rules accordingly. In October last year, Japan's government approved a cabinet decision to amend existing laws to curb money laundering using crypto, in line with FATF guidelines.
Read More: FATF Agrees on Action Plan to Drive Implementation of Global Crypto Norms
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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需要了解的:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
