• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Japan looks to amend crypto KYC rules

October 17, 2022
in Regulations
Reading Time: 3 mins read
A A
0
Japan looks to amend crypto KYC rules
0
SHARES
21
VIEWS
ShareShareShareShareShare
Xeggex

The Japanese government passed a cabinet decision to revise six foreign exchange laws to better combat money laundering on Oct. 14. These changes will also affect crypto trading businesses, as local news outlets report it.

The revised bill will tighten know-your-customer (KYC) rules for crypto exchange businesses and expand money laundering penalties for all institutions. The bill will be submitted for approval in the current National Diet session.

The revisions

The revisions don’t precisely aim at crypto companies. According to the reports, the Japanese government has been looking to strengthen anti-money laundering measures since September 2010.

In addition to various new precautions that haven’t been disclosed, the country will give itself the right to freeze the assets of individuals and institutions if they are involved in crimes related to money laundering.

However, given the wide usage of crypto exchanges and mixers, Japan considers digital asset trading a possible money laundering tool. Therefore the new revisions will also apply to crypto trading businesses as well. After the modification, platforms that offer crypto asset exchange services will be obligated to run a more detailed KYC process to confirm user identities.

The Japan Crypto Asset Exchange Association (JVCEA) reportedly requested its member exchange platforms to take individual precautions against money laundering. Major crypto exchange platforms of the region, such as CoinCheck and GMO Coin, have responded by tightening rules.

Crypto regulations in Japan

Japan became the first country to implement a legal framework regulating cryptocurrencies by including specific rules under its Payment Services Act in May 2016. The act came into force in 2017 and recognized crypto assets like Bitcoin (BTC) as legal tender.

Since then, the country has been introducing new measures every couple of years, making it harder for crypto businesses to operate.

One of Japan’s most prominent exchange platforms, CoinCheck, suffered a major hack and lost around $500 million in early 2018, which motivated the Japanese government to take precautions. In 2019, all crypto exchange businesses were subjected to the country’s anti-money laundering and combatting financial terrorism rules.

Two years later, in 2021, Japan applied additional regulations specific o DeFi protocols. In 2022, after the Terra Luna collapse, the country passed another bill that limited the usage of stablecoins only to licensed banks.

Trying to support crypto without losing up on regulations

Continuously tightening regulations has been pushing crypto businesses out of the country. Most of them choose to relocate to a nearby crypto-friendly country like Singapore.

The government also realized the rapid shrinking in the number of crypto businesses. On Aug. 2022, Rakuten Group President Hiroshi Mikitani self-criticized and said the rules were too tight to allow crypto to flourish. He said:

“Most people go to Singapore because it’s stupid to start a business in Japan,”

After acknowledging the facts, the Japanese government announced a twist in the crypto tax regulations.

The country’s Prime Minister, Fumio Kishida, said that 2022 would be the “first year of creating start-ups,” and the government might lower crypto tax rates to encourage crypto start-ups to set up businesses in Japan.

Currently, Japan taxes corporate investors 30% and individual investors up to 55% for all realized and unrealized gains from crypto. The government didn’t disclose to what rate they might be lowering these tax rates.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Credit: Source link

ShareTweetSendPinShare
Previous Post

Stock market news live updates: October 17, 2022

Next Post

Australian regulator suspends Holon Investments’ Bitcoin, Ethereum, Filecoin funds

Related Posts

Kenyan authorities claim Worldcoin’s activities amount to ‘espionage’
Regulations

Kenyan authorities claim Worldcoin’s activities amount to ‘espionage’

October 2, 2023
7
Terra’s Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show
Regulations

Terra’s Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show

September 30, 2023
4
SEC launches proceedings to determine fate of spot Bitcoin ETFs, invites public comment
Regulations

SEC launches proceedings to determine fate of spot Bitcoin ETFs, invites public comment

September 29, 2023
4
Coinbase approved to offer perpetual futures trading to non-U.S. residents by Bermuda Monetary Authority
Regulations

Coinbase approved to offer perpetual futures trading to non-U.S. residents by Bermuda Monetary Authority

September 29, 2023
4
Biden administration rumored to be working on executive order requiring disclosure of outsized power consumption
Regulations

Biden administration rumored to be working on executive order requiring disclosure of outsized power consumption

September 28, 2023
5
Next Post
Australian regulator suspends Holon Investments’ Bitcoin, Ethereum, Filecoin funds

Australian regulator suspends Holon Investments' Bitcoin, Ethereum, Filecoin funds

Recommended

Market Analysts Make SHIB Predictions after Shibarium Upgrade

Shiba Inu’s Shibarium Explodes with 1,357,164 Transactions, 1,119,473 Wallets, and Massive New Bullish Updates

September 8, 2023
5
Vitalik Buterin’s X Account Compromised, Nearly $700,000 Drained

Vitalik Buterin’s X Account Compromised, Nearly $700,000 Drained

September 11, 2023
6
Bybit Unveils New Reward Program for Crypto Debit Card Holders

Bybit Unveils New Reward Program for Crypto Debit Card Holders

September 19, 2023
7
Avalanche Drops, Litecoin Faces Resistance, Borroe.Finance Passes $1.1 Million

Avalanche Drops, Litecoin Faces Resistance, Borroe.Finance Passes $1.1 Million

September 26, 2023
6
Here comes the death cross

Here comes the death cross

September 28, 2023
7
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • SOL Exploded by 25% Weekly, Here are the Key Targets (Solana Price Analysis)
  • Polkadot & Composable announced as Diamond Sponsor at the Cosmoverse’23 conference in Istanbul
  • Three Ways to Recognize Double Brokering

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?