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Japan sees explosion in reported crypto money laundering- over 6000 in 6 months

06 Dec, 2018
by Arthur Sillers
Regulation
Japan sees explosion in reported crypto money laundering- over 6000 in 6 months

According to the Japan Times, the number of cryptocurrency related money laundering cases has exploded over the past year by a factor of almost 8.

The Japanese National Police Agency has reported that between January and October there have been over 6,000 cases of known money laundering involving cryptocurrency, which compared to the period of April through December of last year represents close to another order of magnitude.This explosion in crypto crime coincides with Japanese regulators setting the stage for a mainstream crypto framework, with the Japanese financial regulation entity FSA reportedly developing a set of legislation for ICO registration as well as guidelines for wallet providers.

Cryptocurrencies have long been associated with the ability for financial malfeasance and money laundering in particular, though as crypto becomes more popular its use for illicit gains is becoming increasingly niche. It isn’t clear to what extent the explosion of crypto money laundering reports in Japan has to do with increased enforcement or increased criminal activity, but it likely is a combination of both.

Read more: Hacked Japanese cryptocurrency exchange Zaif sells exchange to rival Fisco

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