According to Cointelegraph Japan, Japan has taken another step towards adopting anti-money laundering regulations for cryptocurrencies developed by the Financial Action Task Force.
The Japan Financial Services Agency announced Wednesday that it will adopt the FATF Travel Rule by April 2022 – a set of rules requiring virtual asset service providers to exchange transaction data for senders and recipients. “It is important to implement and enforce travel regulations. In all countries. ”
The Financial Services Authority (FSA) has asked the Japan Virtual Currency Exchange, a self-regulatory internal crypto organization, to prepare for the route:
“In terms of ensuring the correct and reliable implementation of the cryptocurrency exchange business, we will look at the exact implementation of the route in terms of technology and operation. We want the JVCEA to install the required system, so please inform the members of the association. ”
As Cointelegraph previously reported, in 2019, the FATF introduced the Travel Rule, which provides a series of measures to prevent the use of cryptocurrency for money laundering and terrorist financing.
As a member of the Financial Action Task Force since 1990, Japan, along with other Asian countries such as South Korea and Singapore, has been one of the most receptive to travel management directives.
The news comes shortly after the FATF released an updated version of the original travel policy for public comment in February 2021.