Japanese financial services Agency (FSA) undertakes measures on strengthening of control over cryptobinary that permit anonymous transactions, or insufficiently comply with KYC rules before testing Task force financial action task force (FATF) this fall, according to the publication Nikkei Asian Review.
According to preliminary information, the FATF will direct its division of investigations to perform quality work Japanese FSA anti-money laundering (AML), which includes policy kryptomere and other agencies for the provision of financial services.
It is reported that Japan received the lowest score regarding compliance with identity verification in financial institutions, after the inspection of the FATF in 2008. In July last year, the FSA has undergone a major restructuring to better address regulatory challenges of doing business in the field fintehnology and cryptocurrency.
During this time, the Japanese FSA has issued many regulations to improve business exchanges, which had not taken adequate measures to combat money laundering, for example, allowing users to register their account with a mailbox instead of a personal home address.
Implementation of new strategies FATF
According to the report, Japan was the first country to implement a registration system for the use of cryptocurrencies.
In October, the FATF amended its rules to include the crypto currency exchange to his AML regulatory framework, and asked the representatives of countries that are members of the G-7 to begin the implementation of policies on registration, licensing and monitoring of cryptocurrency exchanges.
Japan will host the summit on financial markets and the world economy (G20 2019) in Osaka in June this year, where the expected performance of its representatives in a speech at the forum on international policies and scriptactive primary supply of coins (ICO). Unlike China and South Korea, Japan did not declare a national ban on ICO.
In January, the Japanese FSA has announced that it currently has seven applications for licenses from cripture. Applications are usually considered within the six-month period, as the financial institution carefully examines each applicant’s answers to over 400 questions.
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Tags: FATF FSA