Japan will apply stricter measures from June 1 on cryptocurrency transactions in order to combat money laundering in these operations.

This was announced in a report by the Japanese Parliament, which seeks to apply a strong hand to crimes such as money laundering (AML), in line with the regulations on cryptocurrencies that are being discussed and applied in other countries.

In December, legislators in the Asian country reviewed “anti-money laundering legislation in December after the Financial Action Task Force (FATF) deemed it insufficient.” That is why the new measures include the “travel rule”, which consists of monitoring “income from criminal activities”.

Said rule, which was discussed by the G7 Committee at its meeting this month, requires “any financial institution that processes a cryptocurrency transfer of more than USD 3,000 to transmit the client’s data to the receiving exchange or institution. The data must include the name and address of the sender and recipient, as well as account information.

Japan, as one of the early adopters of cryptocurrencies, strives to protect investors’ assets. The FSA is the body that establishes the operating rules of the exchanges, precisely to provide security and confidence.

M.Pino

Source: Cointelegraph

(Reference image source: Culton Jones, Unsplash)

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La entrada Japan begins enforcement of anti-money laundering regulations in June apareció primero en Bitfinance.

The Parliament of Japan passed a law that aims to clarify the legal status of stablecoins, now naming them as digital money.

This proposal plans to go beyond any measure previously established in any country in the world, in terms of protecting stablecoin investors.

It should be remembered that stablecoins can only be issued by licensed banks, registered money transfer agents and trust companies, as established by new regulations in Japan.

The new legal framework will be implemented in a year. The Japan Financial Services Agency stated that it will establish regulations governing stablecoin issuers in the coming months.

This project is the first to guarantee exchange right protection for stablecoin investors. It is hoped that this will be a starting point for other countries.

K. Tovar

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Source: Diariobitcoin

La entrada Japan passes stablecoins bill apareció primero en Bitfinance.