Financial Service Agency Work to Strengthen Measures
The Financial Service Agency and four other Japanese ministries and agencies such as Ministry of Land, Infrastructure, Transport and Tourism, National Police Agency, and the Ministry of Finance have partnered to strengthen its measure against criminal misuse of real estate transactions covering virtual currency.
Coordination Asked Between Regulators and Stakeholders
The objective of this is to resolve the issues about cryptocurrencies that may be used in illegal funds specifically in real property transactions. Officials are asking to enhance the coordination between financial regulators, real estate stakeholders, and law enforcement to reinforce strict monitoring, reporting, and compliance mechanisms.
This highlights the improvement in transparency, implementation of strict Anti-Money Laundering (AML) controls, and mitigation on the use of virtual assets in real estate industries.
Stricter Monitoring and Inter-Agency Alignment
The Japanese officials are reinforcing regulatory frameworks to mitigate the risk of virtual currency used in illegal real estate transactions by implementing a strict monitoring and inter-agency alignment.
