Japan’s FSA asks cryptocurrency industry group to introduce FATF travel rule

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Japan has made one other step towards adopting cryptocurrency Anti-Cash Laundering laws developed by the Monetary Motion Process Pressure, Cointelegraph Japan reports.

The Japanese Monetary Companies Company announced Wednesday that it’s going to undertake the FATF’s journey rule — a set of laws requiring virtual asset service providers to share transaction information for senders and recipients — by April 2022. “It’s required to introduce and implement the journey rule laws in every nation,” the FSA famous.

The FSA requested the Japanese Digital Forex Change Affiliation, a native self-regulatory crypto group, to arrange for the implementation of the journey rule:

“From the angle of making certain the right and dependable execution of the crypto asset trade enterprise, we’ll study the correct implementation of the journey rule when it comes to expertise and operation. We want the JVCEA to determine a vital system, so please inform the members of the affiliation.”

As beforehand reported by Cointelegraph, the FATF introduced the travel rule in 2019, which supplies quite a few measures to forestall cryptocurrencies from getting used for cash laundering and terrorist financing.

A member of the FATF since 1990, Japan was among the most receptive jurisdictions to the journey rule directive alongside different Asian nations like South Korea and Singapore.

The information comes quickly after the FATF released an update to the original travel rule for public session in February 2021.