Japan took a new step towards adopting anti-money laundering rules for cryptocurrencies developed by the Financial Action Task Force, according to Cointelegraph Japan.
Japan’s Financial Services Agency announced Wednesday that it will adopt the Financial Action Task Force’s travel rules by April 2022 – a set of rules that require virtual asset providers to share transaction data to senders and recipients. country. Notice the Free Syrian Army.
The FSA has asked the Japan Currency Exchange, a self-regulating local cryptocurrency organization, to prepare to implement the travel rule:
In terms of ensuring the correct and reliable execution of the cryptocurrency exchange business, we will consider the exact implementation of the travel rule in terms of technology and processes. We want JVCEA to install the required system, so please inform the association members. ”
As Cointelegraph previously reported, the FATF introduced a travel rule in 2019, which includes a number of measures to prevent cryptocurrencies from being used for money laundering and terrorist financing.
Japan has been a member of FATF since 1990 and has been one of the most receptive jurisdictions to travel regulation directives, along with other Asian countries such as South Korea and Singapore.
This news comes shortly after the FATF released an updated version of the original travel policy for public consultation in February 2021.