Japan prepares an amendment for the introduction of Fatf Rules for traveling in relation to cryptocurrencies to May 2023: a report ## compliance with international standards for the fighting of money is the last of a series of measures taken by Japan in recent months to improve cryptocurrency regulation. ## compliance International standards for the fight against money laundering is the last of a series of measures taken by Japan in recent months to improve cryptocurrency regulation.
Regulation, Fatf, Aml
It is expected that Japan will accept new money transfer rules in order to prevent the use of cryptocurrencies to launder money, the Nikkei local information agency reports. Changes will bring Japan in accordance with the recommendations of the group of financial measures to combat money laundering (FATF). On October 3, the National Council will be amended to the law on the prevention of the transfer of criminal income, which will add cryptocurrency to the so -called Rules for traveling money transfers, reports Nikkei. Amendments will be amended by the rules that oblige the exchange operators to collect information about customers during operations with cryptocurrency and stablecoins - as they already do this in cash operations. The law on currency and foreign trade and the law on freezing of the assets of international terrorists will be updated taking into account the same changes that will come into force in May 2023. The amendments provide for the issuance of "administrative instructions and corrective requirements" exchanges violating new rules with criminal punishment for violation of corrective requirements. Soon ... The country's country assessment of Japan. #Followthemoney #StopmoneyLaundering #AML Pic.twitter.com/0TVDWFOCYB - Fatf (@fatfnews) August 27, 2021 The amendment will include in Japanese legislation the recommendations of the FATF, submitted in 2019 and updated in 2021, in relation to virtual assets services suppliers. Fatf is an intergovernmental body to combat money laundering and financing of terrorism. The agency has achieved limited success in accepting its "Rules of Traveling". According to the report published in April, almost more than half of the countries surveyed by the FATF have adequate laws and rules for combating terrorism financing (CFT) and money laundering (AML). Associated with this: Four years later, Japan returns its first cryptobankomat In recent months, Japan has taken important steps to regulate cryptocurrencies. In June, the parliament adopted a law on the restriction of the release of stablecoins non -banking institutions. In July, the Ministry of Economics, Trade and Industry opened the Web3 policy office to promote the development of the Web3 business environment. In addition, there were reports that the financial services agency, the tax authority of Japan, is considering the possibility of mitigating punitive rates for the growth of capital for crypto assets after wide indignation in the industry.