Gate News message, April 29 — Japan’s Ministry of Land, Infrastructure, Transport and Tourism, Financial Services Agency, National Police Agency, and Ministry of Finance jointly issued a guidance notice on April 28 warning that cryptocurrencies pose a heightened money laundering risk when used in real estate transactions. The guidance was addressed to major Japanese real estate and crypto industry bodies, including the Japan Cryptocurrency Business Association.
The regulators highlighted that crypto’s ability to transfer instantly across national borders is a significant source of money laundering risk. The guidance stated: “Crypto assets, which have the nature of being transferred instantly across national borders, are considered to pose a high risk of being used as a payment method in real estate transactions for the purpose of money laundering.”
Real estate agents were instructed to conduct due diligence in accordance with Japan’s Act on Prevention of Transfer of Criminal Proceeds, file regulatory reports on suspicious transactions, and notify police of suspected criminal activity. The guidance also cautioned that converting cryptocurrency to fiat currency on behalf of clients could legally constitute operating an unlicensed crypto exchange under the Payment Services Act, potentially resulting in legal penalties. Additionally, companies must declare any overseas payment exceeding 30 million yen (approximately AU$250,000) to relevant authorities under Japan’s Foreign Exchange and Foreign Trade Act.
The warning comes after Japan amended its Financial Instruments and Exchange Act earlier this month to reclassify cryptocurrencies as financial instruments, tightening regulation to outlaw insider trading and market manipulation in crypto while increasing disclosure requirements for crypto firms. Previously, crypto had been regulated as a form of payment in Japan.
相關文章
