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Japan to Adopt FATF Travel Rule for Crypto
The FSA wants to implement the rule by April 2022.
Updated Sep 14, 2021, 12:34 p.m. Published Apr 1, 2021, 10:36 a.m.
Japan’s Financial Services Agency (FSA) has announced that it will implement the Financial Action Task Force (FATF) "travel rule" for the nation’s crypto industry to tackle money laundering.
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- The Japanese regulator announced Wednesday the FATF rule requiring virtual asset service providers to share transaction data of senders and recipients will be adopted in the country by April 2022.
- The travel rule was created to prevent cryptocurrencies from being used for money laundering and terrorist financing.
- The FSA requested the Japan Virtual and Crypto Assets Exchange Association (JVCEA) advise its members to prepare for this implementation.
- South Korea’s Financial Services Commission brought anti-money laundering safeguards into force on March 25 to get in line with the FATF’s rules.
- This led to the South Korean arm of crypto exchange OKEx to decide to cease operations, citing the difficulty in navigating the new regulatory hurdles.
See also: Binance Adds Former FATF Officers to Regulatory Strategy Team
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