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<h2 id="header-0">Japan recently decided to revise an existing money laundering law in an effort to reduce the prevalence of crypto money laundering.</h2><p>The use of cryptocurrency for criminal funding and money laundering has persisted as a recent global threat.</p><h2 id="header-1">Japan will keep an eye on currency transfers.</h2><p>The decision was made public by renowned media publication Nikkei Asia on Tuesday. The report claims that Japan would introduce new laws to help the nation control the amount of bitcoin money being laundered.</p><p>Money laundering is already covered by well-established Japanese law. However, when it comes to cryptocurrencies, the Act on Prevention of Transfer of Criminal Proceeds is ineffective. The law will be reviewed by the nation in order to correct this flaw.</p><p>The revision will result in the addition of cryptocurrencies to Japan&#39;s current laws governing money transactions. Additionally, the review will support exchange operators sharing user information. In general, cryptocurrency money laundering takes use of the anonymity that blockchain technology offers. With the new study, Japan hopes to correct this by enabling law enforcement to look into transfers between parties for questionable intentions.</p><h2 id="header-2">Exchanges that don&#39;t comply will get corrective orders</h2><p>In essence, this allows authorities the authority to ask exchanges for customer information. The data may include transactional details as well as user information like name and address. With this approach, Japan hopes to learn how criminals transfer illicit funds using cryptocurrencies.</p><p>All digital assets, including stablecoins, will be subject to the law. The required authorities will submit the proposed modification to the extraordinary Diet session scheduled for October 3 once it has been made. The legislation review, if granted, will take effect in May 2023. Corrective orders will be issued to exchanges that don&#39;t comply. Nevertheless, there will be criminal repercussions for disobeying the orders.</p><p>Japan has experienced its fair share of cryptocurrency-related crimes, which has prompted the government to treat the sector seriously. Government has therefore opted to increase its oversight of the bitcoin market. As a result, cryptocurrency businesses and investors should prepare for tighter regulations in the future.</p>

Japan To Combat Cryptocurrency Money Laundering According To Recent Law Review

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