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Japan crypto exchanges hit with tougher money laundering curbs

New rules require identification for transfers, but loopholes remain

Japan's new rules aim to put checkpoints at the on and offramps of exchanges for virtual currencies like Bitcoin.   © Reuters

TOKYO -- New Japanese cryptocurrency rules that require the sharing of customer information between exchange operators have taken effect in an effort to crack down on money laundering.

The self-regulatory Japan Virtual Currency Exchange Association last Thursday introduced the so-called travel rules, which require one exchange to provide names, addresses and other customer information to another when cryptocurrency is transferred.

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