{"id":79227,"date":"2023-05-24T11:38:01","date_gmt":"2023-05-24T08:38:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79227"},"modified":"2025-09-11T09:48:21","modified_gmt":"2025-09-11T06:48:21","slug":"japans-parliament-approves-travel-rule-implementation-to-begin-on-june-1","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/japans-parliament-approves-travel-rule-implementation-to-begin-on-june-1\/","title":{"rendered":"Japan&#8217;s parliament approves Travel Rule implementation to begin on June 1"},"content":{"rendered":"<p>From June 1, in Japan <span data-descr=\"virtual asset service providers\" class=\"old_tooltip\">VASP<\/span> will begin to comply with the so-called &#8216;Travel Rule&#8217; from <span data-descr=\"Financial Action Task Force\" class=\"old_tooltip\">FATF<\/span>, which envisages monitoring crypto transactions for <span data-descr=\"anti-money laundering\" class=\"old_tooltip\">AML<\/span>. The corresponding decision was adopted by the local parliament, according to<a href=\"https:\/\/cointelegraph.com\/news\/japan-crypto-aml-measures-start-in-june\"> Cointelegraph<\/a>.<\/p>\n<p>The initiative aims to bring Japan&#8217;s legal framework in line with the standards of the international organisation.<\/p>\n<p>The Travel Rule obliges an institution handling crypto transactions over $3,000 to transmit to the exchange or recipient institution information about the client. The data should include the sender&#8217;s and recipient&#8217;s names and addresses, as well as account details.<\/p>\n<p>The parliamentary decision aligns with <a href=\"https:\/\/www.consilium.europa.eu\/media\/64307\/g7-communique-20230513.pdf\"> \u0441\u0442\u0440\u0435\u043c\u043b\u0435\u043d\u0438\u0435\u043c \u00ab\u0411\u043e\u043b\u044c\u0448\u043e\u0439 \u0441\u0435\u043c\u0435\u0440\u043a\u0438\u00bb<\/a> to accelerate the adoption of the international organisation&#8217;s standards, including Travel Rule.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cG7 countries must lead by example and regulate the crypto sector so that there are no safe havens for illicit crypto transactions,\u201d<\/em> \u2014 FATF President T. Raja Kumar.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u201cG7 countries should lead by example and regulate the crypto sector so that no safe havens exist for illicit crypto transactions\u201d<a href=\"https:\/\/twitter.com\/hashtag\/FATF?src=hash&#038;ref_src=twsrc%5Etfw\">#FATF<\/a> President T. Raja Kumar\u00b4s message to <a href=\"https:\/\/twitter.com\/hashtag\/G7?src=hash&#038;ref_src=twsrc%5Etfw\">#G7<\/a> leaders ahead of the summit in Japan<br \/>Read article: <a href=\"https:\/\/t.co\/l1OTdjGgLY\">https:\/\/t.co\/l1OTdjGgLY<\/a><br \/>?: <a href=\"https:\/\/t.co\/GqHhVwoqY9\">https:\/\/t.co\/GqHhVwoqY9<\/a> <a href=\"https:\/\/t.co\/uDurg1QSDu\">pic.twitter.com\/uDurg1QSDu<\/a><\/p>\n<p>\u2014 FATF (@FATFNews) <a href=\"https:\/\/twitter.com\/FATFNews\/status\/1659094027667484673?ref_src=twsrc%5Etfw\">May 18, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In January 2023, the <span data-descr=\"Japan's Financial Services Agency\" class=\"old_tooltip\">FSA<\/span> turned to global regulators with a proposal to treat the cryptocurrency industry as strictly as banks.<\/p>\n<p>In October 2022, Japanese authorities<a href=\"https:\/\/forklog.com\/en\/news\/media-japan-to-tighten-regulation-of-the-crypto-industry\"> amended<\/a> six foreign exchange laws as part of anti-money laundering efforts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From June 1, in Japan VASP will start to comply with the so-called Travel Rule from FATF, which entails monitoring crypto transactions for AML purposes. The local parliament approved the corresponding decision.<\/p>\n","protected":false},"author":1,"featured_media":79228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[971,135,36],"class_list":["post-79227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fatf","tag-japan","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79227"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79227\/revisions"}],"predecessor-version":[{"id":79229,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79227\/revisions\/79229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79228"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}