May 29 (coingeek.com) - After years of handling it with leniency, Japanese lawmakers have confirmed plans to impose stricter Anti-Money Laundering (AML) rules for the digital currency industry.
The new regime of rules is expected to be launched on June 1. Experts opine that the guidelines are designed to align Japanese AML processes to global standards following the large-scale collapses in the digital currency sector.
The main focus of Japan’s incoming rules is the ratification of the Financial Action Task Force’s (FATF) Travel Rule, requiring detailed reporting of transactions. The Travel Rule mandates digital asset exchanges to report all details of any digital asset transaction exceeding $3,000.
In December, the FATF ruled that present AML procedures in Japan fell below its standards, threatening to include the country in its “gray list.” ...continue reading
