The Japanese parliament has recently decided to implement stricter Anti-Money Laundering (AML) measures starting from June 1st. This move comes as a response to the international financial watchdog, the Financial Action Task Force (FATF), deeming Japan’s previous AML legislation insufficient. The aim is to align Japan’s legal framework with global cryptocurrency regulations.
One of the key features of the new measures is the enforcement of the “Travel Rule” in order to enhance the tracking of criminal proceeds. The Travel Rule requires financial institutions processing cryptocurrency transfers exceeding $3,000 to provide recipient exchanges or institutions with customer information. This information includes the name, address, and account details of both the sender and recipient.
The G7 Committee , which met in Japan in mid-May, expressed support for the Travel Rule and emphasized the importance of global standards for cryptocurrencies. The Committee also acknowledged the work of the FATF in addressing emerging risks related to decentralized finance (DeFi) arrangements and peer-to-peer transactions.
“G7 countries should lead by example and regulate the crypto sector so that no safe havens exist for illicit crypto transactions” #FATF President T. Raja Kumar´s message to #G7 leaders ahead of the summit in Japan Read article: https://t.co/l1OTdjGgLY
Japan’s new crypto regulations, what you need to know before June 1st
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