Japan’s leading financial regulator said its planned anti-money laundering platform could include cryptocurrency traders, who it believes have the same obligation as traditional financial institutions to ensure they don’t deal with criminals.
The Financial Services Agency has announced that it will create a common industry-wide system that financial companies can use to assess whether their customers are terrorists and whether customer accounts are at risk of money laundering.
“Insofar as they are prohibited from trading with sanctioned people, cryptocurrency dealers are the same as banks,” said FSA chief Junichi Nakajima in an interview with the Wall Street Journal.
“Because we have the same list of international terrorists, it would be cheaper and more accurate if we create a common system instead of doing it from individual financial firms,” said Nakajima, who took up his post in July.
Mr Nakajima said his agency expects to have a plan for the new platform by the middle of next year.