Japan to Set Banking Requirements for Crypto Companies
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Japan plans to include crypto-related companies into its newly-created platform to combat money laundering, Financial News reports.

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According to Financial Services Agency (FSA) Chief, Junichi Nakajima, companies from the cryptocurrency market "have the same obligation as traditional financial institutions." The FSA reportedly wants to create a common system for financial companies verify if their clients do not violate the sanctions regime.

"Because we have the same list of international terrorists, it would be more cost-effective and more accurate if we create a shared system, rather than doing it by individual financial firms," said Nakajima.

Japan Accelerates Development of CBDC

Nakajima also added that the agency plans to prepare a detailed plan for the new platform by approximately the middle of next year.

The tighening comes after Haruhiko Kuroda, Governor of the Bank of Japan, said that the cryptocurrency market remains to be a dangerous place as its volatility still "extraordinarily high." Kuroda also doubts that cryptocurrencies are even used as a means of settlement.

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