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

Janet Yellen Clarifies Her Stance on Bitcoin — Promises ‘Effective’ Crypto Regulation
Janet Yellen Clarifies Her Stance on Bitcoin — Promises "Effective" Crypto Regulation Joe Biden’s pick to become the new U.S. Treasury Secretary, Janet Y
Educational Gaming: Checkpoint ($LOAD) to Launch on KICK․IO
Educational Gaming: Checkpoint ($LOAD) to Launch on KICK․IO press release PRESS RELEASE. Our recent streak of successful Public sales continues as KICK.IO welcomes yet another ver
ETH Price Strains Defi Collateral Loans as ‘Black Swan’ Event Strikes Makerdao
ETH Price Strains Defi Collateral Loans as "Black Swan" Event Strikes Makerdao The price of ethereum dropping double digits on March 12 sent shockwaves through the decentralized
Bullish Signs For Ethereum: Metrics Pointing To Upcoming Breakout
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tron Founder Justin Sun, Soulja Boy, and Austin Mahone Summoned by SEC in Crypto Asset Case
Tron Founder Justin Sun, Soulja Boy, and Austin Mahone Summoned by SEC in Crypto Asset Case Court documents reveal that Justin Sun, Tron’s founder, has been sent a summons f
Texas Securities Regulators and Attorney General Object to FTX Purchasing Voyager Digital
Texas Securities Regulators and Attorney General Object to FTX Purchasing Voyager Digital Regulators from the state of Texas and the state’s attorney general are objecting to FTX
Survey: Large Number of Yield Farmers Can’t Read Smart Contracts Despite High Risk
Survey: Large Number of Yield Farmers Can"t Read Smart Contracts Despite High RiskA new Coingecko survey has found that a large number of yield farmers do not know how to read smart
Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT’s Broken Tokenomics Scheme
Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT"s Broken Tokenomics Scheme Roughly 29 days ago FTX filed for bankruptcy, and the crypto ecosystem has been dealing
FTX victims go after company’s assets from criminal forfeiture
Turner Wright5 hours agoFTX victims go after company’s assets from criminal forfeitureThough Sam Bankman-Fried is currently serving a prison sentence, affected FTX customers and creditors are making claims on the firm
Gensokishi Online Announces Listing Metaverse(MV) Token on Gate․io and Campaign
Gensokishi Online Announces Listing Metaverse(MV) Token on Gate․io and Campaign press release PRESS RELEASE.MV/USDT pair will be listed on Gate.io, a leading Cryptocurrency exchan
Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead of FOMC Meeting Results
Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead of FOMC Meeting Results Ethereum was marginally higher on Feb. 1, as markets prepare for the upcoming Federal
Ethereum Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January
Ethereum Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January The average transaction fee on the Ethereum network has dropped to the lowest level in fo