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Japan aims to issue new guidelines to fight against crypto-money laundering

Nikkei Asia, a prominent news agency, revealed the decision made by the Japanese government on Tuesday. According to the report, Japan is planning to issue some new rules that will assist the nation to combat the rising cases of crypto-money laundering.

There is already a well-established law in Japan that addresses the problem of money laundering. In spite of this, the legislation known as the Act on the Prevention of Transfer of Criminal Proceeds is insufficient when it comes to regulating cryptocurrencies. The country will fix this problem with the law by looking at it again.

Japan will issue some new rules that will assist the nation:

Japan will issue some new rules that will assist the nation

As a result of the modification, cryptocurrencies will be included in the already-established laws regarding the movement of funds in Japan. In addition, the assessment will determine whether the sharing of user information between exchange operators is warranted.

The anonymity given by blockchain technology is often used by those who launder money using cryptocurrency. This new review is Japan’s attempt to fix the problem and bring about the change that is needed. It will allow authorities to check whether transfers between parties are being used for illegal purposes.

This, in essence, gives the government the authority to obtain information on clients from exchanges. User data such as name and address, as well as information pertaining to transactions, might be included in the information. Japan plans to look into how criminals use cryptocurrency to launder money with the help of this policy.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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