Japan is set to introduce tighter anti-money laundering (AML) regulations to combat the rise in crypto crime, following discussions with G7 governments. The new regulations, which come into effect on June 1, will enforce travel rules that require exchanges to pass on customers' details during crypto transactions. The move comes after the Financial Action Task Force (FATF) criticized Japan's AML laws for being insufficient. Despite having some of the strictest crypto legislation, Japan still ranks sixth in the world for amounts lost to crypto fraud, according to Coincub's 2022 crypto crime annual report.
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