669 Cases of Dubious Cryptocurrency Transactions Reported in Japan in 2017 (News)


Tokyo, Feb. 22 (Jiji Press)—A total of 669 cases of dubious cryptocurrency transactions, such as suspected money laundering cases, were reported by exchange operators to authorities in Japan in 2017, a National Police Agency report released Thursday showed.

About 500 cases, or over 70% of the total, were reported in the final three months of the year.

Beginning April last year, cryptocurrency exchanges are obliged to report suspicious transactions to authorities.

According to the Financial Services Agency, in Japan as of February 2, there were 16 registered cryptocurrency exchanges and as many exchanges applying for registration.

The report showed that 146 cases of dubious transactions were reported to authorities by jewelry and precious metals dealers, up over five-fold from the previous year. The rise apparently reflected growth in the number of gold bullion smuggling cases.

[Copyright The Jiji Press, Ltd.]

Jiji Press finance crimes virtual currency