Japan’s Crypto Payments Network to Combat Money Laundering

Asia Blockchain Review
July 29, 2019

As cryptocurrencies are being developed and regulated by countries around the world, the issue of Anti Money Laundering (AML) compliance has become a priority for regulators, government units, and central banks, combined with Facebook’s announcement that will see the introduction of Libra, the social network’s own stablecoin.  

Addressing Money Laundering Worldwide

Ahead of the G7 finance ministers meeting in France in July, Japan had set up a national liaison conference with the participation of the Bank of Japan, the Ministry of Finance and the Financial Services Agency (FSA) to discuss the implications of Libra on monetary policy and financial stability. 

Japan Proposed Crypto ‘SWIFT’ Network

To combat money laundering, Japan has become one of the first nations in the world to devise a solution to the problem with the proposal of a cryptocurrency network similar to the SWIFT network currently in use. 

Meanwhile, sources familiar with the matter revealed to Reuters that the proposed crypto network has been approved for oversight by the G7-initiated unit, the Financial Action Task Force, which aims to promote legal, regulatory and operational measures to fight money laundering worldwide. Additionally, the Japanese government expects to develop this network to be ready for use within the next few years. 

The crypto payments network was reportedly developed by Japan’s Ministry of Finance and its national regulator, the Financial Services Agency.

Earlier this year, the Japanese House of Representatives approved a new bill to amend laws regarding cryptocurrency regulation. The amended acts included AML measures for privacy coins, which are scheduled to be implemented in April 2020.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us