Society

Japanese crypto exchanges to strengthen overseas payment rules

Feb 24 (NHK) - Japanese crypto exchanges are set to tighten overseas remittance rules as part of efforts to prevent Bitcoin and other digital currencies from falling into the hands of criminal organizations.

The Japan Virtual and Crypto assets Exchange Association has come up with new measures against money laundering and terrorism financing.

The rules will require exchange operators to thoroughly inspect the contact information and addresses that recipients link to their bank accounts.

The measures also give operators the power to stop payments if they suspect cases of money laundering or other forms of illegal transfer.

"There is a growing understanding that crypto-asset exchanges need to be regulated," said Japan Virtual and Crypto Assets Exchange Association Chairman Hasuo Satoshi. "These rules will make them more reliable, and customers will feel safer using them."

Japan's Finance Ministry is also considering strengthening crypto monitoring, after the international money laundering watchdog Financial Action Task Force urged the country to take action.

This comes amid growing concerns around the world that crypto assets are being used to finance terrorism and criminal activity.

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