Japanese crypto exchanges to comply with FATF rules from April

Japanese crypto platforms will have to identify their customers and provide information on cryptocurrency transactions to the regulatory authorities from April 1

10.03.2022 - 15:40

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What’s new? The Japanese Virtual Currency Exchange Association (JVCEA) has announced that it is adopting the International Financial Action Task Force (FATF) anti-money laundering rules from April 1. Japan’s crypto exchanges will have to ban anonymous transactions, as well as provide their customer data when required by the regulatory authorities.

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When will the new rules take effect? The JVCEA states that the FATF’s rules will be introduced gradually in April and October 2022. The requirement to provide details of the customer and the purpose of the transaction will come into effect from October 1, 2022. Additional information will be required for transactions over 100 000 yen ($861 at the exchange rate on March 10).

What preceded it? In February, the Japanese government was considering a proposal by the JVCEA to simplify the listing procedure of digital assets. Under the new rules, the exchanges registered with the Financial Services Agency (FSA) will be able to list certain assets without a lengthy verification process.

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