ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

New global cryptocurrency system set to fight money laundering

Framework would require exchanges to confirm users' personal data

Governments around the world are looking for ways to prevent cryptocurrencies from being used for money laundering.

TOKYO -- Global standard-setters have asked the crypto industry to create a system to collect and share personal data on individuals who conduct cryptocurrency transactions. The goal is to prevent funds from being laundered, going to terrorist organizations or otherwise being put to illicit use.

Updated standards from the Financial Action Task Force, an international organization comprising more than 30 member countries and economies, will require cryptocurrency exchanges to confirm their customers' identities and store that information securely.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more