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Japan’s BitFlyer Exchange has announced restrictions on crypto deposits and transfers for all corporate and individual customers on its platform. These measures are part of the company’s efforts to comply with travel rules and combat money laundering and terrorist financing in the crypto industry.
BitFlyer has introduced restrictions on deposits and transfers, disabling transactions to and from exchanges that are not part of the Travel Rule. The new travel rule restrictions on deposits and transfers are being enforced as Japan prepares to adopt stricter AML rules on June.
BitFlyer will only support cryptocurrency deposits and transfers from exchanges that comply with the travel rule or are located in one of the 21 countries that have signed the FATF’s travel rule agreement. The restrictions are effective from 5 pm and apply exclusively to crypto asset exchange.
How BitFlyer and other crypto exchanges are responding to the new AML rules in Japan
There is no clear information on how other crypto exchanges are responding to the new AML rules in Japan. However, it is known that Japan is set to implement stricter anti-money laundering measures, including the “travel rule” of the Financial Action Task Force, from June 1.
BitFlyer, a major domestic crypto exchange in Japan, has enforced new Travel Rule restrictions on deposits and transfers.
How do the new AML rules in Japan compare to regulations in other countries
There is no clear information on how the new AML rules in Japan compare to regulations in other countries. However, it is known that the new rules were adopted to align the country’s legal framework for cryptocurrencies with global standards in the field.
While AML regulations vary globally, they share similarities, including the need to create policies and invest in technology to combat financial crime.
A complete guide to AML regulations around the world is available, which provides an overview of AML regulations in different countries.
What are some key differences between the AML regulations in Japan and those in the UK, Hong Kong, and the US
According to a comparison of AML regulations in the UK, Hong Kong, and the US, the assessment of a customer’s identity and the risks associated with them is a key component in all AML checks across all three jurisdictions.
For all three locations, taking a risk-based approach is essential, with the UK and Hong Kong taking a more prescriptive approach than the US. In Japan, the new AML regulations were adopted to align the country’s legal framework for cryptocurrencies with global standards in the field.
However, there is no clear information on the key differences between the AML regulations in Japan and those in the UK, Hong Kong, and the US.