The Japanese Ministry of Finance official addresses the involvement of North Korea in the crypto sector, despite financial sanctions on the country.
Japan is a developed country & this country is known for its tech adoption behaviour. In this country, crypto trading is fully legal under the Payment Services Act and the Financial Instruments and Exchange Act. Retail crypto traders in the country enjoy tax-free gains against crypto trade but below 200k JPY.
During the latest G7 central bank governors and finance ministers’ summit, a Japanese Ministry of Finance official addresses the high-level activity of North Korea in the crypto sector. The official noted that North Korea supports its hacking groups e.g. Lazarus to steal crypto & further uses those cryptocurrencies to fund missile programs.
According to the Japanese Ministry of Finance, all the other countries need to fight against North Korea, to keep this country away from cryptocurrencies use.
Earlier this, the crypto analytic platform Elliptic reported that the Korean city Pyongyang’s hackers stole the majority of the crypto assets from Japanese platforms.
As per an elliptic investigation, North Korean hackers stole nearly $721 million worth of crypto assets from 2017 to this date.
Global crypto regulation proposal
So far, Japan showed that its policymakers introduced a better level of strict crypto regulation system, than any other country. This year, Tokyo tried to bring its crypto regulation and sanctions to the forefront of discussions in the G7 and G20 meetings.
In the present time, India is hosting the G20 summit and also the Indian finance ministry forcibly talked about the global crypto regulation system, to bring a perfect model of the crypto regulation system.