Japan has made changes to existing regulations to prevent money laundering using cryptocurrencies and increase penalties.
The Japan National Police Agency announced that an attack was launched by Lazarus Group on several cryptocurrency exchanges (CEX) in the country. It was announced that the stock markets were damaged in multiple cyber attacks. A new step has been taken by Japan, which wants to keep this and similar crypto-related activities under strict control.
Japan Updates Crypto Regulations
The Japanese government has approved changes to existing financial regulations to prevent money laundering using cryptocurrencies and increase penalties for those involved.
The government announced late last month that it would introduce remittance rules aimed at preventing criminals from using cryptocurrency exchanges to launder money. Japan’s executive branch, the Cabinet, has approved revisions to laws pertaining to the country’s Foreign Exchange Law and the Prevention of Transfer of Proceeds of Crime Law.
The changes make it mandatory for crypto exchanges to share user information such as names and addresses across platforms. Also included is the asset freeze of local institutions and individuals found by the United Nations to have helped spread this weapon of mass destruction.
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