日本経済新聞2022年10月15日(土)朝刊
“仮想通貨送金、監視強化へ”
Japan strengthens its monitoring system on cryptocurrency exchanges.
In an article published on Saturday 15 October 2022, on the morning edition of the Nikkei Shinbun, the news is about cryptocurrencies, and in particular about the tightening on the tracking of on chain transactions which Kishida government is trying to enforce.
In the session of October 14, a total of 6 new bills were approved aimed to fight the phenomenon of money laundering.
Original article on the Nikkei Shinbun.
The tightening of the regulations will ensure that cryptocurrency transactions will be monitored, forcing merchants to share their customers' information. As with traditional banks, the aim is to make easier to track illicit money movements.
This move by the Japanese government arrives after several complaints from international organizations about the inadequacy of the measures adopted so far.
Crypto assets, together with the traditional methods for sending money between different money accounts, will be subjected to the "Travel Rules". Exchange platforms regulated in the country will be forced to share personal information of customers such as name, surname and address, whenever they send their tokens to a different platform/wallet.
Exchanges that do not adapt and apply to these new rules risk being subject to official notices, administrative regulations, and subsequent criminal persecution in the event of non-compliance.
These travel rules are nothing new. In fact, the International Financial Action Group (FATF), an intergovernmental body whose purpose is the elaboration and development of strategies to combat money laundering of illicit origin and adopted in 2019 by all countries, already includes these rules for the transactions of stable coins: crypto currencies whose value is intrinsically linked to the value of the US dollar and other major world currencies.
P.S.
Credits for finding this article go to my wife (grazie amo').
"NEVER ENOUGH OPIUM"
CT: @mifune0x
