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Japan Implements Stricter Anti-Money Laundering Measures for Cryptocurrency Transactions to Align with Global Regulations

Japan's parliament has decided to implement stricter Anti-Money Laundering (AML) measures from June 1st, in response to the Financial Action Task Force (FATF) deeming Japan's previous AML legislation insufficient. The new measures aim to align Japan's legal framework with global cryptocurrency regulations and include the enforcement of the "Travel Rule" to enhance the tracking of criminal proceeds. The G7 Committee expressed support for the Travel Rule and emphasized the importance of global standards for cryptocurrencies. By implementing these measures, Japan aims to enhance transparency and security in cryptocurrency transactions and strengthen its position as a leader in crypto regulation.

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