Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Japan Revises Six Laws To Combat Cryptocurrency Money Laundering

Cryptocurrency Oct 17, 2022 07:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Japan Revises Six Laws To Combat Cryptocurrency Money Laundering

  • Japan revises six laws related to the Foreign Exchange Act.
  • The bill proposes an increase in penalties for crimes related to money laundering
  • Crypto exchanges will now be required to verify information such as the users name.

On October 14, the Japanese government passed a proposal to revise six laws related to the Foreign Exchange Act to combat cryptocurrency money laundering, as reported by local media.

As per the new laws, crypto exchange firms will now be required to verify information such as the user names and will also have to notify the business operators.

As a part of its rather stringent approach towards crimes fuelled by cryptocurrencies, the bill proposes an increase in penalties for crimes related to money laundering. Additionally, if found involved in the proliferation of weapons of mass destruction, the Japanese government can also freeze the assets of organizations and individuals designated by the United Nations.

The Cabinet has already approved the revised bill, and it will soon be submitted to the current Diet session.

The local news also reported that the government would bring in new remittance rules to digital currency exchanges as an anti-money laundering step. The bill also makes it mandatory for providers to make sure that they have the updated list of individuals and groups subject to sanctions.

The new rules are expected to come into effect in May 2023.

This decision comes in the backdrop of Japanese officials re-assessing and easing corporate tax rules for crypto companies from 2023 after crypto lobby groups criticized and said that the tax rules are harsh. However, amid all the crypto-related regulations people can not ignore the fact that the government is looking to boost the web3 space for strengthening thier economy.

The post Japan Revises Six Laws To Combat Cryptocurrency Money Laundering appeared first on Coin Edition.

See original on CoinEdition

Japan Revises Six Laws To Combat Cryptocurrency Money Laundering
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email