ccording to local media reports, the Japanese government authorized changes to the existing financial laws to prevent criminal activity using cryptocurrencies and to boost punishments for those involved.

The country's executive entity, the cabinet approved the modifications to Japan's Foreign Exchange Act and the Act on Prevention of Transfer of Criminal Proceeds.

The proposed changes require crypto exchanges to start sharing user data between platforms, such as addresses and names. They also enable the country to seize the assets of local organizations or individuals assigned by the UN for aiding in the spread of weapons of mass destruction.

Hirokazu Matsuno, Japan's Chief Cabinet Secretary, stated on Tuesday that the government had locked the assets of five entities engaged in creating North Korea's nuclear weapons and missiles.

The country's National Police Agency also revealed that the North Korean-backed hacker group Lazarus has been mailing phishing emails laced with malware to local crypto exchange workers, in which some businesses have been breached and their cryptocurrencies looted.

According to local media, the six revisions will be presented to the National Diet, the country's legislature.

What do you think of Japan's decision to start strengthening its crypto regulations? Drop your comments by sharing this article on social media.

Oct 18, 2022
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