TOKYO: The Diet, Japan’s parliament, enacted bills Friday to tighten regulations on crypto assets and toughen penalties for money laundering.
The bills are designed to prevent money laundering and cut off terrorist financing. Crypto assets could be used in crimes due to their anonymous nature.
Crypto asset exchanges will have to share information on users on both sides of the transactions. The exchanges will also be required to have the newest list of individuals and groups subject to sanctions.
Money laundering will be subject to imprisonment of up to 10 years, up from a maximum five years at present.