Japan Plans to Tighten AML Procedures Through Cryptos

Reading Time: < 1 minute

The Japanese government plans to introduce new rules to tighten the fight against the laundering of illegally obtained funds using digital assets, a local publication has reported.

According to the media outlet, local crypto exchanges will be required to transfer customer information, including their names and addresses, when moving cryptocurrencies between platforms.

The measures will provide the authorities with additional opportunities to monitor the remittances of persons engaged in illegal activities. The new rules will also apply to stablecoins.

The country’s Parliament will reportedly consider amendments to the Law on Prevention of Money Laundering at a meeting next October 3. If approved, they will enter into force in May 2023.