Japanese Police See Surge in Suspicious Cryptocurrency Trade Reporting

The National Police Agency of Japan has revealed that between January and October this year, it recorded 5,944 reports from crypto exchanges regarding suspicious cryptocurrency transactions possibly involving money laundering and tax evasion.

Figures reported by Jiji Press show that from 699 cases reported last year, the numbers have multiplied more than eight-fold, which the NPA sees as proof that operators are taking their reporting obligations more seriously now.

According to a report in the Japan Times 699 cases of suspicious cryptocurrency transactions were recorded between April and December last year. Earlier this year, CCN reported that while more that 660 million yen was stolen last year from cryptocurrency exchanges and individual wallets, this figure jumped to over 60 billion yen in only the first half of this year. Following these alarming discoveries, new laws were implemented in April, requiring crypto operators to identify customers and report all suspicious digital currency transactions as detected, to the police.

Reference: https://www.ccn.com/japanese-police-see-surge-in-suspicious-cryptocurrency-trade-reporting/

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