Japan tightens grip on Crypto Exchanges ahead of G20 Summit

A report from the Nikkei Asian Review claims that Japan’s Financial Services Agency is scrutinizing crypto exchanges in the country to ensure anti-money laundering processes are in place.

Report that came out on Wednesday, cites an unnamed FSA official, says that inspections are being carried out ahead of the G20 summit next month, and is also planning measures to crack down on money laundering using cryptocurrency and, hence, the country aims to ensure that it has its financial house in order.

Global money-laundering watchdog, the Financial Action Task Force (FATF), will also review Japan’s domestic money laundering laws this autumn – an investigation that will include crypto platforms.

Cryptocurrency exchanges are being asked by the FSA to clearly explain what measures they are taking to prevent money laundering, such as verifying user IDs to prevent anonymous transactions.

The official said: “We’ll continue with the on-site inspections, and we’ll make sure everything is sound.”