The Japanese government will introduce regulations to prevent “criminals from using cryptocurrency exchanges to launder money.”
According to a report from nikkei, the Japanese government will be introducing an amendment to Japans act on prevention of transfer of criminal proceeds intended “to provide Japanese authorities additional monitoring capabilities.”
The new rules will require cryptocurrency exchanges to share customer information when the customer sends cryptocurrency to other exchanges. Coindesk reported that the shared information would include the customer’s name and address.
An amendment draft will be submitted to parliament on October 3, 2022. The change is expected to take effect in March 2023.