Japan May Revise Law to Seize Illegally Gained Crypto Assets

Politics

Tokyo, June 6 (Jiji Press)--Japan's Justice Ministry is considering revising a law targeting organized crimes to clearly stipulate that crypto assets illegally acquired by criminal organizations and others are subject to confiscation.

At present, the law on the punishment of organized crimes does not stipulate how to handle illegally acquired crypto assets. Criminal organizations may take advantage of this and use crypto assets for money laundering and other crimes.

In order to ensure confiscation of all criminal assets, the ministry will ask for an opinion from the Legislative Council, which advises the justice minister, as early as this month and begin detailed talks to revise the law.

Under the current law, the types of assets that can be confiscated are real property, movables and monetary claims.

Crypto assets are not physical objects. They are considered not to fall under the category of monetary claim either, as they are not backed by a country or a central bank and issuers often cannot be identified.

[Copyright The Jiji Press, Ltd.]

Jiji Press