Join the larget crypto conference of 2022 in Bitcoin

Japan will prohibit Crypto use in money laundering with new laws: Report

0
(0)
Japan will prohibit Crypto use in money laundering with new laws: Report 2

The government of Japan is now working to prohibit possible situations of money laundering, which are possible via the crypto transactions in between exchanges.

Japan is a high-tech adaptive country and crypto trading & holding crypto assets are fully legal under the country’s laws. Also every company or service which provides crypto-related or any kind of services, will falls under the category of crypto business. 

Recently the lawmakers of Japan decided to revise the Act on the Prevention of the Transfer of Criminal Proceeds, to make the existing “laws on crypto transactions” better, in order to prohibit the illegal use case. 

The new revised regulatory rules will be able to trace the bad actors with better potential.

Under the new rules, all crypto businesses will be required to ask the details of all crypto transactions, even between the exchanges. New rules mandate all crypto businesses to keep the full name, and addresses of the customers. 

The drafted amendment to bring the new change in existing policies will be submitted to the extraordinary Diet session, which is to take place on October 3. 

This newly drafted bill will be added to the money transfer rules. And it will come into effect in May of 2023. 

High crypto tax 

No doubt that crypto businesses are allowed to provide services in Japan openly under the regulatory framework but the laws on crypto are not very friendly for the citizens. 

At present, every crypto Investor in Japan is allowed to invest in crypto but at the cost of up to 55% tax on the profit gained on investment, which is a very crucial law for the Japanese Crypto Community. 

In August of this year, a few crypto proponents & blockchain advocacy groups proposed a new tax reform to reduce the Japanese crypto tax, from 55% to 20%.

Read also: Real Vision Executive Loading Up on Crypto Against Possible Economic Collapse

Japan will prohibit Crypto use in money laundering with new laws: Report

 

https://bitcoinik.com/japan-will-prohibit-crypto-use-in-money-laundering-with-new-laws-report/feed/

https://bitcoinik.com/japan-will-prohibit-crypto-use-in-money-laundering-with-new-laws-report/feed/

 

 

 

 

 

Ads by Cryptonews24

OKX - Moon Trade

Moon Grid trading bot
OKX’s new Moon Grid bot automatically buys low and
sells high within a wide price range using artificial intelligence based on market backtesting.
Quick to set up with smart entry and exit points!

How does it work?

  • Select Trade in the main menu, then select Trading bot.
  • Select a spot trading pair from the Trading bot menu.
  • Select Moon Grid from the listed strategies.
  • Enter the amount you want the bot to trade and click Create.
  • Your bot will then be live.
  • To view and manage your Moon Grid bot, select Bots at the bottom of the trading dashboard.

 

Trade with Moon Grid now
 

—————————————————————————————————————————————-

Ads by Cryptonews24

 

 

 

Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.

 

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.


TELEGRAM
Cryptonews24 Channel Chat