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Reports to Police on Suspicious Cryptocurrency Use Surge in Japan

Reports to Police on Suspicious Cryptocurrency Use Surge in Japan

   Tokyo, Dec. 6 (Jiji Press)--Police in Japan received 5,944 reports on the suspected use of cryptocurrencies for wrongful purposes, such as money laundering, in January-October, the National Police Agency said Thursday.
   The number of such reports from cryptocurrency exchange operators showed a big jump from 669 last year after the implementation in April of a law obliging the operators to make reports to the police if they detect dubious digital currency transactions.
   The increase indicates that the operators have become widely aware of the reporting obligation, an NPA official said.
   The revised law to prevent the transfer of criminal proceeds requires cryptocurrency exchange operators to identify customers and report suspicious deals.
   As of Oct. 1, 16 operators had been registered with the Financial Services Agency and three undergoing screenings for registration, according to the NPA.

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AFP-JIJI PRESS NEWS JOURNAL


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