Japan Tightens Money Laundering Policies of Crypto Exchanges Ahead of FATF Inspection
Reportedly, Japan was awarded the lowest possible ranting for poor Know Your Customer (KYC) procedures during the last FATF inspection in 2008. So as to vindicate itself and score higher rating, the nation's top budgetary watchdog—the Financial Services Agency (FSA) has swung energetically. The FSA has supposedly, released its insightful arm on financial organizations in the nation. In spite of the fact that the entire \financial industry is the objective, more accentuation is purportedly being put on the crypto business.
Japan has been very proactive with regards to managing the crypto business generally. The nation turned into the first to present enrollment for crypto-trades in April 2017.
Unfortunately, the country’s attempt to regulate the industry didn’t reduce security breach. In 2018, a noteworthy Japan-based crypto trade—Coincheck was hacked. The security rupture prompted lost about $500 million worth of advanced money. Moreover, a cybercriminal was captured in association with the hack of Monappy, a cell phone well disposed advanced wallet. The cybercriminal purportedly stole around 15 million yen ($134,196) of digital money between Aug. 14 and Sept. 1 2018. More than 7,700 clients were influenced by this hack assault.
Full story: https://coingape.com/japan-tightens-money-laundering-policies-crypto-exchanges-ahead-fatf-inspection/