TOKYO—The Japanese government is preparing to adopt the Financial Action Task Force’s crypto anti-money laundering (AML) guidelines -- placing them into the legal code – after the country’s parliament voted in favor of the measure.
The government also voted in favor of amendments to six existing laws, including the Act on Prevention of Transfer of Criminal Proceeds, the Act on Punishment of Organized Crimes, and the Act on Freezing International Terrorist Assets, Cryptonews reported.
“Many of these will build in crypto-specific wording to the terms of the acts – as per the FATF’s recommendations to the countries it regulates,” Cryptonews said.
The measures will boost the statutory penalties for crimes related to money laundering. They will allow law enforcers to freeze assets held on domestic platforms – including tokens like bitcoin, Cryptonews added.
Limitations Proposed
Separately, after passing legislation on stablecoins in June, Japanese regulators are now considering complementing it by restricting the algorithmic backing of stablecoins, according to a report.
The news was shared via a recommendation from the Financial Service Agency (FSA) and was repeated by the country’s Vice Minister for International Affairs, Tomoko Amaya, Cointelegraph stated.
The publication reported that during his speech on crypto assets at a roundtable hosted by the Official Monetary and Financial Institutions Forum (OMFIF), Amaya outlined Japan’s regulatory framework, emphasizing the factors of financial stability, user protection, and anti-money laundering/ combating the financing of terrorism (AML/CFT).
Amaya’s speech doesn’t specify any dates for future legislation, Cointelegraph added.
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