Fun

Japan regulator clarifies stance on P2P crypto transfers

News Feed - 2024-02-21 06:02:14

David Attlee33 minutes agoJapan regulator clarifies stance on P2P crypto transfersThe FSA says its recommendations don’t envisage “any transactions from one individual to another.”921 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Financial Services Agency (FSA) — Japan’s principal financial regulator — has clarified its position on peer-to-peer (P2P) crypto transactions following its latest recommendations to local banks. 


In its letter on Feb. 14, the FSA encouraged banks to “further strengthen their user’s protection” by “stopping transfers to crypto-asset exchange service providers if the sender’s name is different from the account name.” As Cointelegraph reported, this might compromise P2P transfers in the country since they usually feature two different users on the sender and the receiver ends.


Responding to a Cointelegraph inquiry, the FSA specified that its recommendation doesn’t envisage “any transactions from one individual to another:”“We issued the request with the aim of asking banks and other financial institutions to strengthen measures against unlawful money transfers in cases where an individual deposits cash from the individual’s bank account to an account of a crypto asset exchange service provider.”


Fraudster X needs victim Y to send them a deposit from their bank account to the fraudster’s newly created crypto account. Since the crypto platform wouldn’t accept the first deposit on one account from another person, the fraudster would persuade the victim Y to change their name to X so the platform would accept it. But at this stage, according to the new recommendations, the bank will block the suspicious transaction where the sender requests to change his name from Y to X to deposit to the crypto platform.


Related: Japan’s GameFi community raises liquidity concerns with lawmaker


According to the FSA, these measures have already been taken by multiple financial institutions, but the agency hasn’t received any reports on concrete cases that would generate “concerns over crypto asset markets.”


The FSA’s recommendations “are not uniformly required” for all financial institutions. Banks are expected to consider and decide concrete measures depending on their circumstances.


Japan’s neighbor, South Korea, is also taking proactive steps to combat crypto fraud. Its Financial Intelligence Unit will introduce a preemptive trading suspension system for suspicious transactions on platforms already operating in the country. This will freeze transactions even during the pre-investigation phase.


Magazine: ‘Crypto is inevitable’ so we went ‘all in’: Meet Vance Spencer, permabull# Cryptocurrencies# Japan# Business# P2P# South Korea# RegulationAdd reactionAdd reactionRead moreJapan’s GameFi community raises liquidity concerns with lawmakerBinance adopts USDT price cap to align with local rules in NigeriaMichael Saylor to forever buy Bitcoin — ‘No reason to sell the winner’

News Feed

Ethereum Holds Key Support – Analyst Doubts Bears Can Defend $4K Anymore
Este artículo también está disponible en español. Ethereum has been attempting to reclaim the $2,800 level for days, but bears continue to apply selling pressure, keeping
New York Attorney General Wants to Hear From Investors Deceived by Crypto Platforms
New York Attorney General Wants to Hear From Investors Deceived by Crypto Platforms New York Attorney General Letitia James has urged investors in her state who believe they have b
Republican supported by crypto Super PAC loses Arizona primary
Turner Wright4 hours agoRepublican supported by crypto Super PAC loses Arizona primaryDefend American Jobs used roughly $600,000 in a media buy for Republican Blake Masters, just one of three Arizona candidates crypto PA
Litecoin Price Shows Resilience In Uncertain Market Conditions — What’s Next For LTC?
Este artículo también está disponible en español. The Litecoin price has been one of the better-performing assets since a wave of bearish pressure swept the market this
Blockbank Integrates Orion․Money
Blockbank Integrates Orion․Money press release PRESS RELEASE. Blockbank is proud to announce that the existing partnership with Orion Money has extended to include a number of new
Brian Quarmby2 hours agoNifty News: Murakami to step back from NFTs, Dan Harmon’s NFT show debut and moreTakashi Murakami said he might step back from NFTs but stay involved differently, Krapoplis is set to debut on Fo
Is Bitcoin's on-chain bull run momentum over? Indicator flashes red
Ciaran Lyons1 hour agoIs Bitcoin"s on-chain bull run momentum over? Indicator flashes redThe indicator signals that behavior amongst Bitcoin OGs is quite different to previous Bitcoin halvings.749 Total viewsListen to ar
BTC price chart shows Bitcoin can match $49.5K lows within days
William Suberg10 hours agoBTC price chart shows Bitcoin can match $49.5K lows within daysBTC price action has a habit of “filling” downside wicks within days or weeks, the Bitcoin daily chart shows.5058 Total views17
Coinbase Launching NFT Marketplace With Social Features to Grow Creator Community ‘Exponentially’
Coinbase Launching NFT Marketplace With Social Features to Grow Creator Community "Exponentially" Cryptocurrency exchange Coinbase is launching a peer-to-peer marketplace for non-f
South Africa Police Issue Arrest Warrant for Fraud-Accused Crypto Trader
South Africa Police Issue Arrest Warrant for Fraud-Accused Crypto Trader Reports from South Africa say the country’s police have now issued a warrant for the arrest of Sandi
2 Days After the Bitcoin Halving: Network ‘Remains Strong,’ Higher Fees, Bullish Sentiment
2 Days After the Bitcoin Halving: Network "Remains Strong," Higher Fees, Bullish SentimentOn May 11, 2020, the Bitcoin network completed it’s third block reward halving and th
Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines on Saturday
Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines on Saturday Bitcoin was trading lower on Saturday, as cryptocurrency prices continued to trade in the red foll