Japanese authorities will implement specific software to track crypto transactions

31 Aug, 2018
by Fifi Arisandi
News
Japanese authorities will implement specific software to track crypto transactions

Japanese authorities is looking to use a specific software that enables crypto transactions tracking.

With the increasing illegal use of cryptocurrency in the country, Japanese authorities, the National Police Agency announced their plan to use a specific software that enables tracking of cryptocurrency transactions. 

The software, which is developed by a private company whose name is not disclosed publicly, can extract transaction data, visualize it from open records, and show what crypto exchanges operators have been using it for.

The authorities is looking at the implementation of the software in 2019, thus planning to increase the next fiscal year's budget by 35 million yen (around $315,000) to cover the expense. 

According to Cryptotech, cryptocurrency misuse and thefts are on the rise in Japan as multiple incidents have been reported recently. Earlier this month, a Tokyo-based security software manufacturer found that Bitcoin ATM malware is sold for $25,000.

Although the government has decided to regulate crypto exchanges since last year, an investigation conducted by the Japanese Financial Services Agency found that many exchanges poorly managed and lacking in basic internal controls to protect users and stifle money laundering, as reported by Chepicap last week. 

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Read more about: Bitcoin (BTC)

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