Japan's government is planning to introduce new rules for money transfers to stave off the use of cryptocurrency exchanges for money laundering, according to a Tuesday report by Nikkei. The Act on Prevention of Transfer of Criminal Proceeds will be amended to require crypto exchanges to share customer information when they move tokens between platforms, in a move that will help Japanese authorities to track money transfers by people engaged in illegal activities, the local news agency reported. A draft amendment to the legislation was said to be introduced to the National Diet, Japan's bicameral parliament, on October 3. The new remittance rules, though, are expected to take effect in May 2023. Aside from cryptos, the law will apply to stablecoins, a digital token in which its value is tied to a reference asset such as a fiat currency like the U.S. dollar or a commodity like gold.The move comes as some other regulators across the globe seek to narrow their focus on stopping criminals from using digital assets to launder money. The U.K. government, for instance, recently unveiled a bill aimed at making it easier for authorities to "seize, freeze and recover" cryptos. Publicly-traded firms that operate crypto exchanges include: Coinbase Global (COIN), Net Savings Link (OTCPK:NSAV), Robinhood Markets (HOOD) and Plus500 (OTCPK:PLSQF). Elsewhere in crypto regulation, Federal Reserve Chair Jerome Powell said earlier that appropriate...
