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Japan adopts FAFT regulations on digital currencies; Customer information is transferred along with transactions

The Japan Financial Services Agency (FSA) has announced that it intends to implement the Financial Action Task Force (FAFT) rules on digital currencies by April 2022 (April 1401).

to the Report Japan’s financial services agency, CoinDesk, has announced that it will enforce a Financial Action Task Force (“Rule of Law”) to combat money laundering in the country’s digital currency industry.

On Wednesday (April 11th), Japanese legal authorities announced that the Digital Currency Protection Act will be in effect until April 2022. According to this law, in digital asset transactions, the data of senders and receivers must be shared.

The “Transfer Law” was created to prevent money laundering and terrorist financing through digital currencies.

The Japan Financial Services Agency has asked the Japan Digital Asset Exchange Association (JVCEA) to inform and prepare its members to implement the law.

As of March 25, the South Korean Financial Services Commission has taken similar action to comply with FIFA rules. Following the South Korean government’s move, OKEx Digital Currency Exchange decided to close down due to difficulties in complying with new legal barriers.


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