Japan will Tighten Regulation of the Crypto Industry
Japan will tighten regulation of the Crypto Industry
The Japan Financial Services Agency (FSA) will implement the FATF anti-money laundering and counter-terrorist financing guidelines for local cryptocurrency companies. This is stated on the regulator’s website.
The agency has asked community representatives to prepare for tightening regulation. The changes will take effect by April 2022 and will require virtual service providers to provide transaction data.
In June 2019, the Financial Action Task Force on Money Laundering obliged bitcoin exchanges and digital asset related companies to comply with AML / CFT procedures, similar to traditional financial companies. Later, Executive Secretary David Lewis said the industry was just beginning to adapt to the requirements that many countries had already incorporated into their legislation.
Recall that in February 2021, the FATF announced an update to the regulation rules. In the draft document, the group referred to the decentralized finance and NFT sector.
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