The Japanese Government will reportedly put in place some remittance regulations in an effort to stop criminals from utilizing crypto exchanges to launder money. The new rules are expected to take effect from next spring, supposedly as early as May 2023. Japan has already implemented the Act on Prevention of Transfer of Criminal Proceeds which effectively prevents criminal funds from being transferred. However, the act will be amended to mandate that crypto exchange operators share client information. The move aims to track transactions made by individuals in unlawful activities. Furthermore, the law will add crypto to the travel rules which govern money transfers. The Foreign Exchange and Foreign Trade Act and the International Terrorist Asset-Freezing Act, both of which are relevant to money laundering, will also be updated. The updated legislation will also enable persons connected to the nuclear projects of North Korea and Iran to have their financial and real estate dealings in Japan subject to regulation.
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