Prime

DeFi

Planet

Rise

<div class="intro-text">
 Japan’s Financial Services Agency (FSA) and the National Police Agency (NPA) have recommended measures to encourage mainstream banks to enhance customer protection, especially with transactions involving cryptocurrencies.
</div>
In a <a style="color: #0000ff;" href="https://www.fsa.go.jp/en/news/2024/20240214.html" rel="noopener noreferrer nofollow">press release</a> published on February 14, 2024, the FSA emphasized the disturbingly high number of cases involving specialized fraud and noted the increasing instances of damage due to illegal fund transfers through Internet banking.
According to the release, the NPA’s analysis indicated that a significant portion of the damages occurred in transactions involving cryptocurrency assets. As a response, the agencies proposed measures aimed at curbing the illicit use of cryptocurrencies.
Among these measures, they suggested that banks should halt transactions with virtual asset exchange service providers when the names of the sender and recipient differ. Additionally, they recommended strengthening the monitoring of illegal transfers to digital asset exchange service providers.
Notably, the <a style="color: #0000ff;" href="https://www.npa.go.jp/bureau/cyber/koho/news/20240206.html" rel="noopener noreferrer nofollow">Japanese version</a> of the announcement published earlier on February 7, 2024, included that banks should reject transfers, including those from personal and corporate accounts, where the account holders’ and clients’ names do not match. The release also mentioned that banks should inform customers of these changes through various channels.
Though the FSA’s recent recommendations are suggestions, not mandatory requirements, the banks’ response to these suggestions and their potential impact on the P2P market remains uncertain.
Given that peer-to-peer (P2P) transactions often involve parties with different names, the potential rejection of transfers from an individual’s bank account to another user’s crypto wallet by Japanese banks could significantly impact the P2P market.
Japan continues to try to maintain its status as a critical hub in the global crypto sector. The <a style="color: #0000ff;" href="https://defi-planet.com/2023/07/japanese-prime-minister-reaffirms-support-for-web3-at-webx-conference-in-tokyo/" rel="noopener noreferrer nofollow">country’s Prime Minister reaffirmed the government’s full support for the Web3 industry in July 2023</a>. However, in light of recent crypto-related thefts in the nation, the authorities are <a style="color: #0000ff;" href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Japan-crypto-exchanges-hit-with-tougher-money-laundering-curbs" rel="noopener noreferrer nofollow">now considering the need for stricter regulations</a> on crypto transactions.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/02/japan-urges-banks-to-tighten-protections-on-crypto-transactions-following-rise-in-fraud-cases/" rel="noopener noreferrer nofollow">Japan Urges Banks to Tighten Protections on Crypto Transactions Following Rise in Fraud Cases</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Japan Urges Banks to Tighten Protections on Crypto Transactions Following Rise in Fraud Cases

DeFi Planet

在 2024年2月14日發表的其他文章

Binance Founder, CZ, to be Sentenced in April

Crypto Fear and Greed Index Reached Its Highest Level in the Last Three Years!

US Treasury’s testimony unveils crypto risks

HyperCycle’s Vision for an AGI-Centric Future Takes Shape at the Beneficial AGI Summit 2024

Scammers Target Owners of SHIB, BONE, and LEASH Tokens

Bitcoin ETF Inflows Surge as Investors Show Interest

訂閱免費電子報，每天收取加密貨幣最新動態！