Japan to Tighten Regulation of the Crypto Industry

As it became known, on October 14, the Japanese government decided to amend six laws on currencies in the framework of their fight against money laundering.

According to received data, the Japanese authorities may oblige cryptocurrency exchanges to identify users and request other data from them.

So, if a request is received, financial institutions will be obliged to provide relevant information to the state. Moreover, Japan intends to toughen penalties for crimes related to money laundering.

In addition, the Japanese state authorities will be able to freeze the assets of institutions and individuals who, according to the UN, are involved in the proliferation of weapons of mass destruction.

Reportedly, the Cabinet of Ministers has already adopted these amendments, and the Parliament will consider them during the current session.

It is worth mentioning that last month Nikkei announced new rules in Japan aimed at tightening the fight against laundering money of illegal origin using cryptocurrency exchanges.