From June 1 in Japan VASP will begin to comply with the so-called “Travel Rule” (Travel Rule) from FATFinvolving the monitoring of crypto transactions in order to AML. The corresponding decision was made by the local parliament, writes Cointelegraph.
The initiative aims to bring Japan’s legal framework in line with the standards of an international organization.
The Travel Rule requires an institution to transfer customer information to an exchange or recipient institution when processing crypto transactions in excess of $3,000. The data must include the name and address of the sender and recipient, as well as account information.
The Parliament’s decision is in line with the G7’s desire to accelerate the implementation of relevant international organization standards, including the Travel Rule.
“The G7 countries should lead by example and regulate the digital asset sector in such a way that there are no safe havens for illegal crypto transactions,” said FATF President T. Raji Kumar.
“G7 countries should lead by example and regulate the crypto sector so that no safe havens exist for illicit crypto transactions”#FATF President T. Raja Kumar’s message to #G7 leaders of the summit in Japan
Read article: https://t.co/l1OTdjGgLY
📑: https://t.co/GqHhVwoqY9 pic.twitter.com/uDurg1QSDu— FATF (@FATFNews) May 18, 2023
As a reminder, in January 2023 FSA turned to global regulators with a proposal to treat the cryptocurrency industry as strictly as banks.
In October 2022, the Japanese authorities amended six foreign exchange laws as part of anti-money laundering.
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