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
367
1 min
0
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.
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.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024