Japan to Tighten Regulation of the Crypto Industry
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Oct. 18, 2022

The Japanese authorities decided last October 14 to amend six laws on currencies in the framework of their fight against money laundering, CoinPost has reported.

According to the local publication, the Japanese government may force cryptocurrency exchanges to identify users and request other necessary information from them.

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Such financial institutions will be obliged to provide relevant data to the state upon request. There are also plans to strengthen the punishment of crimes related to money laundering.

According to the publication, the Japanese authorities will be able to freeze the assets of organizations and individuals recognized by the UN as being involved in the proliferation of weapons of mass destruction.

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The amendments have reportedly already been adopted by the country's Cabinet of Ministers and sent for consideration to parliament during the current session.

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