Japan Could Tighten Crypto Regulations through new Bill

On October 14, a bill was discussed in Japan that could tighten the crypto regulations in the country to prevent money laundering. Thus, the new law could require crypto exchanges to share information about transactions and crypto customers.

The cabinet discussed a “bundling bill” combining six laws that affect remittance policies. Therefore, the government wants to deter criminals from using crypto exchanges to launder money.

The authorities could modify the Law for the Prevention of Transfers of the Proceeds of Crime and the Foreign Exchange Law. Thus, the Japanese government would force crypto exchanges to report the sender and recipients of transactions.

Likewise, it would imply that exchanges must create a registry of entities that violate these laws. With this, the authorities are looking for mechanisms that facilitate the freezing of criminal assets. Also, they want to raise the maximum sentence for these crimes from 5 to 10 years.

Likewise, those tighter crypto regulations in Japan could affect people outside the territory. Hence, it would also especially sanction entities designated by the United Nations as involved in the proliferation of weapons of mass destruction.

According to the local media, the cabinet will send the approved revisions to Japan’s national legislature in the coming days.

North Korean Hackers Orchestrated Various Cyber Attacks to Steal Crypto

Japan is trying to tighten crypto regulations and curb money laundering, while authorities have exposed who is behind years of cyberattacks to steal cryptocurrencies in the country.

The National Police Agency (NPA) and the Financial Services Agency (FSA) pointed to the North Korean hacker group Lazarus. Hence, the authorities asked companies that use cryptocurrencies in the territory to remain alert to possible “phishing” attacks.

The Lazarus group prefers this form of scam, authorities revealed on October 14 in a “public attribution”. Therefore, the authorities in Japan not only decided to review the crypto regulations in the country but also urged companies to take greater security measures. Consequently, they recommended better multi-factor identity authentication mechanisms and diversifying passwords for devices and services.

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