The Japanese Financial Services Agency (FSA) has said it will oblige cryptocurrency companies to comply with the FATF’s anti-money laundering guidelines from April 2022.
The FSA said this week that by April next year, the country will adopt the recommendations of the Financial Action Task Force on Money Laundering (FATF) requiring cryptocurrency service providers to exchange sender and recipient transaction data.
The FATF guidelines, issued in June 2019, aim to prevent the use of cryptocurrency for money laundering and terrorist financing. The FSA asked the Japanese Cryptocurrency Exchanges Association (JVCEA) to advise its members and help them prepare for the implementation of the rules.
In February, the FATF said it would update the guidelines for regulating the cryptocurrency industry in June 2021, and the group recently amended the draft guidelines to mention DeFi and the NFT.
Other countries are gradually implementing the FATF recommendations. In March, the Financial Services Commission of South Korea (FSC) introduced new rules under which cryptocurrency exchanges will be fined for failing to comply with anti-money laundering rules. After that, OKEx announced that it was closing its South Korea branch due to the new rules.
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