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Japan cryptocurrency transfer rules take aim at money laundering

Government will require exchanges to share customer information

The Japanese government is introducing legislation that aims to regulate cryptocurrency exchanges as strictly as banks and strengthen the monitoring of money laundering.   © Reuters

TOKYO -- The Japanese government will introduce remittance rules as early as next spring aimed at preventing criminals from using cryptocurrency exchanges to launder money, Nikkei has learned.

The Act on Prevention of Transfer of Criminal Proceeds will be revised to require the sharing of customer information between exchange operators. The move is aimed at tracking money transfers by people engaged in illegal activities.

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