Japan will add crypto to the so-called travel rules on money transfers. In an effort to fight money laundering, the new rules are expected to be in effect by May 2023.
Japan is expected to enact new rules on money transfers to prevent the use of crypto for money laundering, according to local news agency Nikkei. The changes will bring Japan up-to-date with Financial Action Task Force recommendations.
An amendment to the Act on Prevention of Transfer of Criminal Proceeds will be introduced in the National Diet on Oct. 3 that will add crypto to the so-called travel rules on money transfers, Nikkei. The rules will be amended to require exchange operators to collect customer information in transactions involving cryptocurrency and stablecoins — as they already do for cash transactions.
The Foreign Exchange and Foreign Trade Act and the International Terrorist Asset-Freezing Act will be updated to reflect the same changes, which will go into effect in May 2023. The amendment foresees the issuance of “administrative guidance and corrective orders” to exchanges that break the new rules, with criminal penalties for violations of thecorrective orders.
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