Crypto Money Laundering Cases in Japan Dramatically Shoots Up 10-Fold

Suspicious financial transactions filed by Japan-based cryptocurrency exchanges increased ten times over the previous year, according to the National Police Agency. The central enforcement body said Feb 28 that 7,096 out of the total 417,465 suspected money laundering cases mentioned the use of cryptocurrencies in 2018. In the period between April and December 2017, the agency had reported 669 of such cases, after it became compulsory for crypto services to report suspicious dirty money transactions under an amended ‘Law for Prevention of Transfer of Criminal Proceeds.’ Organized Crime, Drugs Peddling, and Whatnot NPA noted that criminals were using a variety

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Japan Megabanks Kill Joint Blockchain Money Transfer Project, Turn to Their Own Cryptocurrencies

Three of Japan’s biggest banks have canceled a joint project of a blockchain-based peer-to-peer money transfer service. The three so-called Japanese ‘megabanks’, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, said the joint venture was a duplication of their individual efforts. They thus saw no need to continue, according to the Nikkei Asian Review. Per the Japanese publication, the joint initiative would have allowed their customers to send and receive funds using email addresses or mobile phone numbers via virtual accounts linked to their bank accounts. Japanese Megabanks Partner With Fujitsu As previously reported by CCN

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I took a trip with some friends to a sleepy rural town in Japan, hours outside of Tokyo. We entered a cafe and were surprised to see that they accepted bitcoin. Here is my friend buying a chocolate cake.

I took a trip with some friends to a sleepy rural town in Japan, hours outside of Tokyo. We entered a cafe and were surprised to see that they accepted bitcoin. Here is my friend buying a chocolate cake. submitted by /u/LouisOfTokyo
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16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan (news.bitcoin.com)

A new association has been registered in Japan consisting of 16 government-approved cryptocurrency exchanges. The group will focus on establishing self-regulatory rules and will have the authority to investigate and sanction members that do not comply with self-regulation.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

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