Japanese legislators have amended six anti-money laundering laws. Amendments to the legislation are also related to the cryptocurrency industry.
The new bills, which have already been approved by the Cabinet of Ministers of Japan, oblige cryptocurrency companies to verify the identity of the user and exchange relevant information both among themselves and with the state.
Also, penalties for money laundering with the help of cryptocurrencies will be increased. The country’s authorities will be able to freeze the assets of organizations and individuals recognized by the UN as involved in the proliferation of weapons of mass destruction. Parliament will consider new bills during the current session.
It should be noted that the development of new bills was reported at the end of September. Cryptocurrency exchanges have been discussing the process of exchanging customer information since March last year, when the Japan Financial Services Agency (FSA) required exchanges to implement a structure to comply with the Crypto Travel Rule.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
