Japan’s Financial Services Agency (FSA) is apparently taking action against crypto transactions. It will check the policies of crypto trades. The agency will deal with unknown exchanges or the ones having a frail identity practice. This will be done in anticipation of a review by the Financial Action Task Force (FATF) this fall. Nikkei Asian Review made this revelation on Wednesday.
The FATF will send its investigatory arm to audit the quality of the Japanese FSA’s anti-money launder (AML) approaches, which incorporates strategy for crypto trades and other budgetary administrations.
A report issued by the FATF in 2008 says Japan received the most exceedingly terrible score for identity verification in monetary organizations. Even after 10 years, verifying IDs still remains an issue. Japanese FSA issued business improvement requests to practices that did not take fitting AML measures.
In October, the FATF corrected its rules to incorporate crypto trades in its AML administrative structure and beseeched G-7 part nations to begin actualizing procedures for enlistment, permitting, and checking crypto trades.
Japan is presenting a Summit on Financial Markets and the World Economy (G20 2019) in Osaka this June. It will address the discussion on worldwide crypto guidelines and initial coin offerings (ICOs).