Japanese Police Record Increase In Suspicious Cryptocurrency Trade Reporting

Japanese Police Record Increase In Suspicious Cryptocurrency Trade Reporting

Suspicious Cryptocurrency Trade

The Police Agency of Japan has said that between January and October 2018, it recorded 5,944 reports from crypto exchanges regarding suspicious cryptocurrency trade possibly involving money laundering and tax evasion.

According to Jiji Press, from 699 cases reported last year, the numbers have multiplied more than eight-fold, which the police sees as proof that operators are taking their reporting obligations more seriously now.

Cases of suspicious cryptocurrency transactions were recorded between April and December last year. More than 660 million yen was stolen last year from cryptocurrency exchanges and individual wallets, this figure jumped to over 60 billion yen in only the first half of this year.

Following these disturbing disclosures, new laws were actualized in April, requiring crypto administrators to distinguish clients and report all suspicious advanced cash exchanges as identified, to the police.

Cited in Japanese national every day, The Mainichi, a NPA official clarified that expanded collaboration by crypto trade stages is the driving explanation for the expansion in the reports of suspicious action.

He said:

“It’s already been some time since the reporting system began, and it has been embraced by the industry through guidance from the Financial Services Agency.”

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