Soaring number of suspicious crypto transactions detected in Japan, NPA said

Posted 06 December, 2018

The National Police Agency of Japan has released the report regarding the increasing number of suspicious transactions in the crypto market over January-October 2018.

According to the authority, Japanese crypto trading platforms detected and reported about 5,944 suspicious deals with digital coins over the period under review. In the year-to-year comparison, the number of such transactions soared practically by 800%. For reference, it was recorded only 669 suspicious transactions over January-December 2017, according to the available information.

Notably, all crypto trading is regulated by the Financial Services Agency in Japan and exchanges must comply with the AML and KYC standards. Japan launched the regulation under which crypto exchanges have to correspond to the anti-money laundering measures and follow KYC policy back in April 2017.

Once new rules come into force, some delays in reports appeared, though the system has been active for some time already. The trading platform is said to keep studying the system.

Specifically, exchanges now have to report any suspicious transaction to detect cases of using cryptos for illegal activities. As the NPA stated, even after the hikes the reported figures in the crypto market are just 1.7% of total suspicious operations in the whole financial sector.

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07 December, 2018 11:03

← Bitcoin-ETF application to get SEC determination in February 2019

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