Japan Working on Bill That’ll Allow Seizing of Stolen Crypto Assets
Extant laws may not expressly permit law enforcement agencies to seize or do much with stolen crypto assets. However, Japan is set to change all that.
Virtual currencies become recognized as asset-like values while all cryptocurrency exchanges need obligatory registration with the Financial Services Agency.
Extant laws may not expressly permit law enforcement agencies to seize or do much with stolen crypto assets. However, Japan is set to change all that.
The amendments to the Financial Instruments and Exchange Law and the Fund Settlement Act address virtual currencies and aim to intensify crypto trading restrictions.
Japan’s Financial Service Agency has forced one of the biggest Bitcoin exchanges bitFlyer to cease new account registrations due to inadequate AML/KYC requirements.
FSA has declared first cryptocurrency exchanges that are now allowed to operate in the country under the recently adopted regulations.
Virtual currencies become recognized as asset-like values while all cryptocurrency exchanges need obligatory registration with the Financial Services Agency.
The Financial Services Agency is planning to register all exchanges and companies dealing with virtual currencies for better control.