Japanese Regulator Aims to Implement FATF Rules Toward Crypto Companies in 2022
Japan’s Financial Services Agency (FSA) has revealed that the regulating body will adopt the Financial Action Task Force (FATF) “travel rule” and standards toward the cryptocurrency industry throughout the nation. Meanwhile, FATF’s rule has been considered far-reaching and the organization Global Digital Finance and the company’s advisory member, Malcolm Wright, hopes industry innovators will help shape the regulatory conversations. Japan’s Financial Services Agency Is Ready to Follow FATF’s Lead Japan, the island country in East Asia with its 125....
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The new regulation will be designed to provide better protection to Japanese investors. Japan’s financial regulator, the Financial Services Agency (FSA), has started discussions around imposing stricter regulations for cryptocurrencies in an effort to provide better protection to Japanese investors.Back in July, the FSA established a dedicated section, as well as a panel of financial experts to help the government oversee digital and decentralized finance. The agency will also be responsible for keeping track of developments in cryptocurrencies and central bank digital currency (CBDC)....
Japan has been a member of the FATF since 1990. Japan has made another step toward adopting cryptocurrency Anti-Money Laundering regulations developed by the Financial Action Task Force, Cointelegraph Japan reports.The Japanese Financial Services Agency announced Wednesday that it will adopt the FATF’s travel rule — a set of regulations requiring virtual asset service providers to share transaction data for senders and recipients — by April 2022. “It is required to introduce and implement the travel rule regulations in each country,” the FSA noted.The FSA requested the Japanese Virtual....
The New York State Department of Financial Services, the Bitlicense regulator, has authorized GMO to issue U.S. dollar and Japanese yen-pegged stablecoins. The latter “will be the first of its kind available to the public.” To date, the regulator has given out 27 charters and licenses for companies engaged in crypto activities. First Regulated Yen Stablecoin Approved in NY The New York State Department of Financial Services (DFS) has granted a charter under New York Banking Law to GMO-z.com Trust Company Inc., a subsidiary of the Japanese giant GMO Internet. This enables the....
Meeting international Anti-Money Laundering standards is the latest in a series of measures Japan has taken in recent months to improve its cryptocurrency regulation. Japan is expected to enact new rules on money transfers to prevent the use of crypto for money laundering, according to local news agency Nikkei. The changes will bring Japan up to date with Financial Action Task Force (FATF) recommendations.An amendment to the Act on Prevention of Transfer of Criminal Proceeds will be introduced in the National Diet on Oct. 3 that will add crypto to the so-called travel rules on money....
The CNMV will require advertisers to report ten days before running ads targeting 100,000 people or more. Spanish financial regulator Comisión Nacional del Mercado de Valores, or CNMV, announced new regulations for crypto-asset investments advertising. According to the new circular that will take effect on February 17, 2022, crypto ads must be “clear, balanced and fair” while also providing sufficient information on the risks involved when investing in crypto.The new rules also require advertisers targeting 100,000 people or more to inform the regulator 10 days in advance. After the....