Japan’s financial regulator and police agency have suggested banks block transfers to crypto platforms ahead of fraudulent transactions.
The initiative is a new challenge for the P2P crypto market in Japan.
Japan’s peer-to-peer (P2P) crypto market may face a new obstacle because of the country’s financial regulator and police agency. They have suggested banks stop transfers to crypto platforms if the sender’s name does not match the account name.
The Financial Services Agency (FSA) and the National Police Agency (NPA) have issued a request to Japanese banks on 14 February, urging them to enhance user protection measures against “unlawful transfers” to crypto exchanges. The request comes amid the high number of fraudulent transactions in the country, many of which involve cryptocurrencies.
To accomplish this goal, the FSA and NPA have proposed some important initiatives. One of which is telling banks to enhance their surveillance and monitor the transactions of crypto asse
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