Japan’s oversee agency has said it received 669 reports of suspected money tributing from domestic cryptocurrency exchanges over eight months of 2017.
According to Japan’s Nikkei Asia Parade, the country’s National Police Agency (NPA) released a report on Thursday betokening the cases were reported from April to December of that year.
As check in by CoinDesk, Japan passed a law in April of last year that admits bitcoin as legal payment method and requires cryptocurrency exchanges to be accredited. The obligatory reporting of transactions suspected to be part of money laundering and sedative trafficking was also made part of the legislation in an effort to crack down on use of cryptocurrency as a centre to facilitate illegal financial activities.
While the NPA has not revealed the exact criteria hand-me-down by exchanges to filter suspicious transactions, the data comes as part of a bigger effort by Japan’s regulators in probing cryptocurrency exchanges following the heist of as a remainder $500 million-worth of NEM tokens from Coincheck in late January.
Japan currently until this has 16 cryptocurrency exchanges, including Coincheck, that are yet to be fully approved by the countryside’s financial watchdog. Japan’s Finance Ministry said last week that it has arranged b fitting the agency to conduct on-site inspection over these unlicensed podia.
Japanese policeman image via Shutterstock
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