6000 Cryptocurrency Laundering Cases Underlined by Japan Police From January to October 2018

By | December 6, 2018

The illegal use of cryptocurrency is often a topic of conversation these days. As reported by the officials from Japan, there were nearly 6000 cases suspected within a period of 10 months that are linked to the case of cryptocurrency laundering. On Thursday, the report has been revealed that these 6000 cases from January 2018 to October 2018 is higher than 669 cases reported from April 2017 to December 2017.

Japan appears top among countries, regulating crypto matters with various frameworks and the actual execution seems working now. With the set plans, country’s cryptocurrency exchanges are also supporting legal watchdogs to perform their duties by reporting suspicious trading activities.

National Police Agency stated that;

“We have seen some large-scale cryptocurrency thefts, and operators are believed to be scrutinizing transactions more rigorously,”

Since the regulation across crypto matter is quite difficult compared to other financial transaction,

National Public Safety Commission said that cryptocurrency can be quickly transferred ‘in a highly anonymous manner’ and ‘0nce transactions gets abuse, tracking crypto is difficult’, adding that “regulations on the virtual currency are different in each country’.

Reports of such abusive transactions revealed that the Japanese user of cryptocurrency exchange used to operate their accounts from the different country even though their addresses were in Japan. Moreover, users appeared as providing the same photo for the identity verification document which was already submitted by many other users using different DOB and names. On top of that, the police verification over suspicious transactions has also revealed that a foreign visitor sold his crypto account id and password to a user based in Japan.

Counting all financial transactions, NPA officially revealed that there are 346,13 9 cases reported with the matter of money launching and other abusive cases with involvement of banks for many such cases.

Besides investigating such cases, Japan has also revealed the launch of the crypto Tax system. As coingape reported, this new crypto tax system is designed to reveal the tax evaders and let every individual with least crypto earning of 10 million yen must disclose the source and pay the tax.

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