The Japanese government is reportedly proposing to introduce an amendment to the Act on Prevention of Transfer of Criminal Proceeds in the National Diet on 3 October to implement the Financial Action Task Force (FATF) travel rules on money transfers of crypto. The exchange operators are required to gather customer information in transactions involving cryptocurrency and stablecoins under the new rules. The Foreign Exchange and Foreign Trade Act and the International Terrorist Asset-Freezing Act will also be updated accordingly to achieve consistency. The rules are expected to take effect in May 2023.
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