Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report By Cointelegraph


Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report

Japan is expected to enact new rules on money transfers to prevent the use of crypto for money laundering, according to local news agency . The changes will bring Japan up-to-date with Financial Action Task Force (FATF) recommendations.

An amendment to the Act on Prevention of Transfer of Criminal Proceeds will be introduced in the National Diet on Oct. 3 that will add crypto to the so-called travel rules on money transfers, Nikkei reported. The rules will be amended to require exchange operators to collect customer information in transactions involving cryptocurrency and stablecoins — as they already do for cash transactions.

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