Leading Markets Led by Japan are Ready to Introduce the World, Unified Cryptocurrency Regulations
Giant markets like South Korea, the US, and Europe led by Japan are set to introduce Unified Cryptocurrency Regulations.
FATF, that is Financial Action Task Force an International financial authority is expected to collaborate with People Republic of Japan, the second largest market for cryptocurrency behind the US, in order to introduce Unified cryptocurrency regulations in the upcoming months.
Japan concerned with Anonymous Cryptocurrencies
In the mid of May, Mainichi Shimbun, Japan’s most influential and oldest newspaper reported that organized crime syndicates in japan known as the Yakuza has been utilizing the three anonymous cryptocurrencies to launder money for its drug operations.
An official from FSA stated that the Japanese government alone cannot limit the usage of anonymous cryptocurrencies by large-scale crimes. He also proposed G20 nations to collaborate with them as well as with other nations to implement Unified Cryptocurrency Regulations. He said:
“It’s nearly impossible for Japan to handle the problem alone. Even if trade is restricted to only domestic transfers or monitoring is enhanced, it’s still not enough to counter money laundering. It would be best if all the group of 20 industrial and emerging nations and regions (G20) would take the same steps toward prevention.”
Japan has already a licensing program in place for cryptocurrency exchanges, and South Korean government has also announced its plans to regulate cryptocurrency trading platform just like banks.
The Japanese financial authorities have expressed optimism in cooperating with governments in Europe and the US, and are preparing to bind cryptocurrency regulations in the upcoming months to urgently address increasing cases of hacking attacks, security breaches, money laundering, and Know Your Customer (KYC) issues.
Source: CRYPTOSLATE News