Japan called for increased monitoring of P2P trade
It is reported that the damage from fraud related to illegal money transfers is mainly related to digital assets
The Financial Services Agency of Japan (FSA) called on the country's financial institutions to "further enhance user protection by strengthening monitoring of illegal transfers from cryptocurrency exchange service providers." The statement was made with reference to an analysis by the country's National Police Agency, according to which the damage from fraud related to illegal money transfers is mainly related to digital assets.
In particular, the FSA suggested that financial institutions stop transfers to "crypto service providers if the sender's name differs from the account number." "If Japanese banks reject transactions from one person's bank account to another's crypto wallet, this could seriously undermine the P2P market," The Block noted.
Starting from April 1 of this year, Japan will abolish the tax on unrealized profits in cryptocurrencies for legal entities. According to the Cabinet of Ministers, this will attract startups and institutional investors to the country.
Source: https://getblock.net/news/japan-calls-for-stronger-monitoring-of-p2p-trading
