Japan to strengthen supervision on virtual assets

Xinhua
24 Nov 2021, 17:49 GMT+10
TOKYO, Nov. 24 (Xinhua) — Japan’s Ministry of Finance plans to strengthen the monitoring of virtual assets including Bitcoin, to prevent misuse for purposes such as terrorist financing, the media outlet NHK reported Wednesday.
The ministry is considering making it possible to freeze virtual assets of organizations sanctioned by the United Nations (UN), as is already done with bank deposits.
Other measures are also possible to be implemented, including requiring cryptocurrency exchanges to confirm that their clients’ transfer recipients are not on the sanctions list, as the ministry is planning.
Meanwhile, measures taken by the exchange are likely to be checked, and warnings as well as orders will be issued on the occasion that any deficiencies are found, according to the ministry’s plan.
The action came after a case brought up by a UN Security Council, in which virtual assets worth more than 300 million U.S. dollars were stolen.
The Financial Action Task Force, a global money laundering and terrorist financing regulator, is requiring Japan to strengthen its supervision on transactions involving virtual assets.
The finance ministry plans to seek revisions of laws related to the issue.
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