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Kristina Frunze

14 March 2018

Forex

Japan to Call For Global Crypto AML Rules during G20 meeting

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According to some online reports, Japanese government official has stated that Japan plans to call for global crypto AML rules during G20 meeting. Apparently, the country’s government believes that it is better to concentrate on the development of measures that prevent cryptocurrency money laundering instead of creating a regulatory framework for cryptocurrency market.

14 March, AtoZForex Japanese government is expected to call on the G20 member nations to focus on developing a unified anti-money laundering (AML) strategy for cryptocurrency markets during the upcoming annual summit in Buenos Aires on March 19-20. Some of the online reports quote a “government official with direct knowledge of the matter.”

Japan to Call For Global Crypto AML Rules during G20 meeting

Reportedly, some of the Japanese officials have shared that at the moment, the country’s government believes that it is better to concentrate on the development of measures that prevent cryptocurrency money laundering instead of creating a regulatory framework for cryptocurrency market.

The authorities have also highlighted that the “loophole” for money laundering still exists since some nations are establishing weak regulations. The Japanese official has been quoted as saying:

“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system.”

It appears that he also added that the overall mood at G20 is that “applying too stringent regulations won’t be good.”

Cryptocurrency Money Laundering in Japan

As per the online reports, the Financial Action Task Force (FATF) will be working on a report for the G20 meeting in regards to the rules on preventing the digital currency money laundering. FATF is a 37-nation body that is responsible for standards to combat money laundering.

Earlier this February, Japanese digital currency exchanges have reported that 669 suspected money laundering cases have appeared during 2017. In fact, this is only a portion of the 347,000 instances that were reported by the Japanese banks for the same period.

In the middle of February, Japanese financial markets regulator, the Financial Services Agency (FSA) has informed the public that it intends to inspect 15 cryptocurrency exchanges. This move has followed the hack attack on Coincheck on the 26th of January.

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Japan G20 Cryptocurrency AML

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