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Japan’s FSA asks cryptocurrency trade group to introduce FATF journey rule

Japan has made one other step towards adopting cryptocurrency Anti-Cash Laundering rules developed by the Monetary Motion Process Power, Cointelegraph Japan stories.

The Japanese Monetary Companies Company introduced Wednesday that it’ll undertake the FATF’s journey rule — a set of rules requiring digital asset service suppliers to share transaction information for senders and recipients — by April 2022. “It’s required to introduce and implement the journey rule rules in every nation,” the FSA famous.

The FSA requested the Japanese Digital Foreign money Alternate Affiliation, a native self-regulatory crypto group, to arrange for the implementation of the journey rule:

“From the attitude of guaranteeing the correct and dependable execution of the crypto asset change enterprise, we’ll study the correct implementation of the journey rule by way of know-how and operation. We wish the JVCEA to ascertain a vital system, so please inform the members of the affiliation.”

As beforehand reported by Cointelegraph, the FATF launched the journey rule in 2019, which gives plenty of measures to forestall cryptocurrencies from getting used for cash laundering and terrorist financing.

A member of the FATF since 1990, Japan was among the many most receptive jurisdictions to the journey rule directive alongside different Asian international locations like South Korea and Singapore.

The information comes quickly after the FATF launched an replace to the unique journey rule for public session in February 2021.