6.9 C
Wednesday, April 21, 2021

Japanese FSA calls on cryptocurrency industry group to introduce FATF travel rule

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Japan has taken another step forward towards adopting cryptocurrency anti-money laundering regulations developed by the Financial Action Task Force, reports UKTN Japan.

Japan’s financial services agency said on Wednesday it would adopt the FATF travel rule – a set of regulations requiring virtual asset service providers to share transaction data for senders and recipients – by April 2022. “There is a need to introduce and implement travel rules. in each country, ”noted the FSA.

READ  Jim Cramer takes half of his Bitcoin 'fake money' to pay off his mortgage
READ  Price Analysis 03/22: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, THETA

The FSA has asked the Japanese Virtual Currency Exchange Association, a local self-regulatory crypto organization, to prepare for the travel rule implementation:

“With a view to ensuring the proper and reliable execution of the crypto asset trading business, we will be examining the precise implementation of the travel rule in terms of technology and operation. We want the JVCEA to put in place a necessary system, so please let the association members know. “

As previously reported by UKTN, the FATF introduced the Travel Rule in 2019, which includes a number of measures to prevent the use of cryptocurrencies for money laundering and terrorist financing.

READ  Chinese social media star Bart Baker to drop 8 NFTs with DeFine Art
READ  Copyright Infringement and NFT: How Artists Can Protect Themselves

A member of the FATF since 1990, Japan was among the jurisdictions most receptive to the Travel Rules Directive alongside other Asian countries such as South Korea and Singapore.

The news comes shortly after the FATF released an update to the original travel rule for public comment in February 2021.