Japanese Govt. to Enshrine FATF Crypto AML Standards into National Law

The measures would increase the legal consequences for offenses involving money laundering. Law enforcement will be able to freeze assets kept on domestic networks, including digital currencies such as bitcoin.

The media site stated that by requiring business owners who exchange crypto assets to reveal details about receivers, the legislative amendments would “make it easier” for law enforcement authorities and customs inspectors to trace cryptocurrency. As a result, cryptocurrency exchange transactions will no longer be anonymous.

Stablecoins, as well as their issuers, will be subject to the new restrictions imposed. The legal changes describe the types of warnings that should be sent to non-compliant parties as well as the heavy fines that courts should impose in judicial proceedings.

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