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Japan Targets Crypto Exchanges As It Toughens Money Laundering Policies

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Japanese Financial Services Agency or FSA is targeting cryptocurrency exchanges as it steps up countermeasures for money laundering, the Nikkei Asian Review reported.

The regulator will be checking companies that offer anonymous transactions or have weak identity verification practices. The development is in preparation for inspection by the Financial Action Task Force or FATF this fall, the report noted.

The FATF's investigatory arm will review the strength of FSA's anti-money laundering policies, including policy for crypto exchanges and other financial services.

The issue may be taken up at the upcoming G-20 Summit, which takes place in Osaka on June 28 and 29.

In another crypto-related development in the country, Nikkei reported that the Japanese House of Representatives has passed new crypto regulation in the upper house of the National Diet.

Japan's parliament recently passed amendments to two existing financial laws aimed at strengthening regulations on cryptocurrency trading, including margin trading. A change in crypto-related terminology is also included in the new law, which alters the term virtual currencies to "crypto assets."

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