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Japan Implements Stricter Anti-Money Laundering Measures for Cryptocurrency Transactions
On May 23, Japan announced that it will implement stricter measures against money laundering (AML) in cryptocurrency transactions starting from June 1, in order to comply with global regulations.
According to Kyodo News, the decision to strengthen the regulations was made after a review of relevant laws in December, when it was determined that the existing measures were insufficient, according to the Financial Action Task Force (FATF), an international financial supervisory organization.
Japan to Implement Stricter Rules for Exchanges
One of the most notable features of the new regulatory framework is the implementation of the so-called “travel rule” issued by the FATF, which requires financial institutions to provide detailed information about their customers’ transactions, including all their registration data such as names and addresses. Those who do not comply with the regulat
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