Media: Japan to tighten regulation of the crypto industry

On 14 October, Japanese authorities decided to amend six laws governing foreign exchange as part of anti-money-laundering measures. The local publication CoinPost reports.

According to media reports, the Japanese government could require cryptocurrency exchanges to identify users and request other necessary information from them.

Such financial institutions would be required to provide the relevant data to the state upon request. Penalties for crimes related to money laundering are also set to be tougher.

The publication noted that Japanese authorities would be able to freeze the assets of organisations and individuals identified by the UN as involved in the proliferation of weapons of mass destruction.

The amendments have already reportedly been approved by the Cabinet and sent to parliament for consideration in the current session.

Earlier in September, Nikkei reported on new rules in Japan, tightening the fight against money laundering of illicit proceeds through cryptocurrencies.

In June, the country’s parliament passed a bill that recognised stablecoins as digital money.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.