Suspicious Crypto Transactions Boom In Japan
Japan’s cryptocurrency exchanges reported 5,944 suspicious transactions in the first 10 months of 2018, according to the National Police Agency (NSA), JiJi Press reports.
The increase indicates that the operators have become widely aware of the reporting obligation, an NPA official said.
Interestingly, the number is almost 800 percent greater than the previous reported number of 669 cases for the period of April to December 2017.
The Japanese Bitcoin exchanges are regulated by the Financial Services Agency of Japan and should follow all the anti-money laundering (AML) and know-your-customer (KYC) rules.
However, according to the National Police Agency, crypto transactions only made 1,7% of the total of reported transaction in the financial sector.
It is noteworthy that earlier this year, the Financial Services Agency announced an outright ban on all cryptocurrencies that provide a sufficient degree of anonymity to its end users.