{"id":496434,"date":"2022-09-27T20:45:00","date_gmt":"2022-09-27T17:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/japan-preparing-amendment-to-enforce-fatf-travel-rules-on-crypto-by-may-2023-report\/"},"modified":"2022-09-27T20:45:00","modified_gmt":"2022-09-27T17:45:00","slug":"japan-preparing-amendment-to-enforce-fatf-travel-rules-on-crypto-by-may-2023-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/japan-preparing-amendment-to-enforce-fatf-travel-rules-on-crypto-by-may-2023-report\/","title":{"rendered":"# Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e739615f9d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e739615f9d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/japan-preparing-amendment-to-enforce-fatf-travel-rules-on-crypto-by-may-2023-report\/#%E2%80%9D_Japan_preparing_amendment_to_enforce_FATF_travel_rules_on_crypto_by_May_2023_Report_%E2%80%9C\" >&#8221; Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Japan_preparing_amendment_to_enforce_FATF_travel_rules_on_crypto_by_May_2023_Report_%E2%80%9C\"><\/span>&#8221; Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvYzIzMzYxYmItOWI3ZS00YWE0LWE5YWEtODA5ZmY3NDYyNmFhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>Japan is expected to enact new rules on money transfers to prevent the use of crypto for money laundering, according to local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> agency Nikkei. The changes will bring Japan up-to-date with Financial Action Task Force (FATF) recommendations.<\/p>\n<p>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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> rules on money transfers, Nikkei <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/Japan-cryptocurrency-transfer-rules-take-aim-at-money-laundering\">reported<\/a>. The rules will be amended to require exchange operators to collect customer information in transactions involving cryptocurrency and stablecoins \u2014 as they already do for cash transactions. <\/p>\n<p>The Foreign Exchange and Foreign Trade Act and the International Terrorist Asset-Freezing Act will be updated to reflect the same changes, which will go into effect in May 2023. The amendment foresees the issuance of \u201cadministrative guidance and corrective orders\u201d to exchanges that break the new rules, with criminal penalties for violations of thecorrective orders.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coming soon\u2026 FATF\u2019s country assessment of Japan.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/FollowTheMoney?src=hash&amp;ref_src=twsrc%5Etfw\">#FollowTheMoney<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/StopMoneyLaundering?src=hash&amp;ref_src=twsrc%5Etfw\">#StopMoneyLaundering<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/AML?src=hash&amp;ref_src=twsrc%5Etfw\">#AML<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/0tvdWFOcyb\">pic.twitter.com\/0tvdWFOcyb<\/a><\/p>\n<p>\u2014 FATF (@FATFNews) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FATFNews\/status\/1431266245182115842?ref_src=twsrc%5Etfw\">August 27, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe amendment will incorporate into Japanese law recommendations the FATF introduced in 2019 and updated in 2021 for virtual asset service providers. The FATF is an intergovernmental money laundering and terrorist financing watchdog. The agency has had limited success with the adoption of its Travel Rule. According to a report released in April, hardly more than half of the countries surveyed by the FATF had adequate\u00a0Combating the Financing of Terrorism (CFT) and Anti-Money Laundering (AML) laws and regulations. <\/p>\n<p><strong><em>Related: After four years, Japan brings back its first crypto ATM<\/em><\/strong><\/p>\n<p>Japan has taken important steps to regulate crypto in recent months. The parliament passed a law to limit the issuance of stablecoins by non-bank institutions in June. In July, the Ministry of Economy, Trade and Industry opened a Web3 Policy Office to foster the Web3 business environment. In addition, there are reports that the Financial Services Agency, the Japanese tax authority, is considering easing the punishing capital gains rates on crypto assets after extensive outcry within the industry.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/japan-preparing-amendment-to-enforce-fatf-travel-rules-on-crypto-by-may-2023-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":496435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvYzIzMzYxYmItOWI3ZS00YWE0LWE5YWEtODA5ZmY3NDYyNmFhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74859,79096,70934],"class_list":["post-496434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-aml","tag-fatf","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/496434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=496434"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/496434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/496435"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=496434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=496434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=496434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}