Ahead of
Japan’s strict crypto monitoring regime starting in June, cryptocurrency exchange bitFlyer has
adopted tougher anti-money laundering (AML ) rules for digital asset
transactions. The measures are in line with global financial watchdog
Financial Action Task Force’s (FATF) AML regulation known as the ‘Travel
Rule’.
Japan’s
upcoming rules are expected to impose stricter AML measures on cryptocurrency
transactions in line with the Travel Rule. Finance Magnates reported that
non-compliant firms are expected to face criminal charges in line with the new
regulation.
Under the
Travel Rules, crypto exchanges, wallet platforms, and other service providers
are required to share certain customer information for transactions that are
more than $3,000. This includes details such as the name and address of the
sender and recipient, along with their account information.
Embracing these rules, bitFlyer said it has introduced restrictions on deposits and crypto
transfers to all its corporate and individual customers. The restriction means that users will not be able to initiate transactions with exchanges that are not
part of the Travel Rule Universal Solution Technology (TRUST) network.
TRUST
network is a messaging protocol to securely transmit information between
virtual asset service providers. The platform was developed by leading
exchanges such as Coinbase, BitGo, and…
