Search Inside Bitcoins

Japan To Tighten Countermeasures Against Money Laundering As The G20 Summit Approach

Japan Crypto
Japan Crypto

Join Our Telegram channel to stay up to date on breaking news coverage

We learned today that Japan regulators are planning to put up laws that will stop money laundering through Bitcoin exchanges. According to the report we got, this issue will come up in the June 28th & 29 Summit. The FSA is concentrating its activities around cryptocurrency exchanges that doesn’t require authentication. That is, they allow clients to trade anonymously.

Let’s recall that we’ve gotten many reports on hacking and money laundering scandals that have been shaking Japan. The madness seems to increase as the cryptocurrency industry grows. As a result, the FSA is set to inspect the anti-money laundering measures in Japan this fall.

Regulations Issues Will be One Agenda of the G20 Summit

World leaders will discuss the international crypto regulations during the Summit in Japan.

South Korea and China have banned ICOs, Japan allows for legal initial coin offering. For instance, Japan permitted the FSA to register crypto exchanges making it the first country that did that. However, there are no uniform regulations that will guide cryptocurrency transactions. Fortunately, the G20 will be the platform for discussing it this June.

One of the reasons for the regulations in the G20 Summit might be due to the crimes surrounding the cryptocurrency industry. We’ve had many reports and incidents involving cybercriminals who do away with crypto worth millions. So, addressing this issue by the world leaders may bring some order in the industry.

Cyber Criminals Has Been Attacking Exchanges

The worldwide adoption of bitcoin is causing terrible damages in the industry. Many cybercriminals have sharpened their knives and skills to steal cryptocurrencies.

For Instance, there was a warning last March about a theft worth $571 million cryptocurrencies. The experts accused North Korea of being behind the hack and warned the United Nations Security Council. The reason for the theft was to offset the country’s difficulties arising from the economic sanctions by the U.S

Apart from this hack, many countries are fighting against crypto exchanges which use their platforms for money laundering. For instance, the Central bank in Dutch established new laws for crypto exchanges. These rules mandates exchanges to acquire an operational license before setting up shop in Netherland. This was a measure by the bank to curb the activities of money launderers in the industry.

In another report, we learned that the Russian regulators continue to delay the Bitcoin regulations amid these ongoing concerns. Buying crypto in Russia seem to be on the decline as the regulators are keeping mute on the illegal activities. Many countries are trying to hinder money laundering, tax evasion, and terrorism, while Russia seems not to care.

Let’s recall that the community is expecting the Russian regulations to come up in July. However, an announcement from the officials revealed that they had pushed back the launch.

Meanwhile, a Russian Parliament member warns that bitcoin has the power to undermine the government.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next