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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/japan-introduces-stricter-rules-for-crypto-transactions-to-increase-consumer-safety">Japan Introduces Stricter Rules for Crypto Transactions to Increase Consumer Safety</a><br></p>
<p style="text-align: justify"> Japan’s financial regulator, the Financial Services Agency (FSA), has recently taken a firm stance on the regulation of peer-to-peer (P2P) <a href="https://en.bitcoinhaber.net/crypto-sponsorship-era-messis-inter-miami-cf-bids-farewell-to-xbto">cryptocurrency</a> transactions. This move aims to strengthen the protection of users in the evolving digital currency landscape. The agency has issued new guidelines to local banks to cease processing transfers to crypto exchanges if the names on the sender’s and recipient’s accounts do not match. </p> 
<h2 id="strengthening-user-security">Strengthening User Security</h2> 
<p style="text-align: justify"> The FSA’s latest action could significantly impact P2P crypto exchanges, traditionally involving two distinct users for sending and receiving funds. The guidance is primarily targeted at preventing unauthorized money transfers that may arise during deposits from bank accounts to accounts held with crypto service providers. The FSA emphasizes that this measure is crucial for combating illicit financial activities. </p> 
<h2 id="combating-cryptocurrency-fraud">Combating Cryptocurrency Fraud</h2> 
<p style="text-align: justify"> To illustrate the problem, the FSA described a common scam where an individual is persuaded to change their name to match that of a scammer to facilitate a fraudulent deposit into a crypto account. The new regulations would halt such transactions by requiring banks to block any suspicious transfers where the sender’s name is altered. This requirement is not new for many financial institutions, but not all banks have reported specific cases that raise concerns in the crypto markets. </p> 
<p style="text-align: justify"> The FSA advises banks to consider their unique circumstances when implementing measures to comply with the recommendations. The agency acknowledges that while the guidelines are not mandatory for all, financial entities are expected to evaluate and adopt appropriate actions. </p> 
<p style="text-align: justify"> Furthermore, Japan’s close neighboring country, South Korea, is also actively taking steps to prevent crypto-related fraud. Its Financial Intelligence Unit (FIU) is introducing a system to halt suspicious transactions, potentially freezing them at the initial stages of an investigation.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/japan-introduces-stricter-rules-for-crypto-transactions-to-increase-consumer-safety">Japan Introduces Stricter Rules for Crypto Transactions to Increase Consumer Safety</a></h5>

Japan Introduces Stricter Rules for Crypto Transactions to Increase Consumer Safety

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