As per japan police report, there were around 7,000 cases relating to money laundering regarding digital assets and cryptocurrencies. Interestingly, this can be a tenfold popularity of comparison into the six hundred and sixty-nine cases that was within a 9-month period in 2019. Good news was reportedly created by a local Japanese media, The Japan Times.
It is planned to be noted that around 7,000 cases relating to money laundering have already been detected in connection with digital assets and cryptocurrencies reported in 2019 . It is usually to be noted that Japan requires all cryptocurrency and digital asset exchanges that they are registered together with the Financial Services Agency (FSA).
Notably, the alleged boost in the reported cases came after the government directed that most of cryptocurrency and digital asset exchange firms forward all data linked to suspected transactions. Interestingly, the direction took effect in April 2019. It saw at a minimum 7,096 cases reported a year ago; representing a 960 percent increased just 9 months.
It been specifically noted that a few of the seven thousand suspected cases were caused by transactions which was a red flag because of the issue of birth dates and manes not matching since they had an identity photo. Few cases involved accounts logins and sign-ins from accounts registered in britain but being run from several other countries.
It is going to be noted that Japan requires all cryptocurrency and digital asset exchanges being registered while using Financial Services Agency (FSA) and acquire an operating license on the same body. This regulation has been given mandatory since April 2019. Over the past year, japan authority has tightened its regulations. These have even allowed a self-regulatory body to possess supervision on all crypto exchange companies.
