According to local media reports, the Japanese government approved amendments to existing financial regulations to prevent money laundering using cryptocurrencies and to increase penalties for those involved. The revisions to the country’s Foreign Exchange Act and the Act on Prevention of Transfer of Criminal Proceeds were approved by Japan’s Cabinet, the country’s executive body. The amendments require cryptocurrency exchanges to share user information such as names and addresses among platforms. They also allow the country to seize the assets of local entities or individuals designated by the UN for assisting in the proliferation of weapons of mass destruction.
