Japan Panel to Propose Allowing Crypto Assets to Be Confiscated

Politics

Tokyo, Aug. 9 (Jiji Press)--Japan's Legislative Council is set to recommend that authorities be allowed to confiscate crypto assets illegally obtained by crime groups and others, it was learned Tuesday.

The advisory panel has drafted recommendations on revising the organized crime punishment law. It plans to finalize the recommendations and submit them to the justice minister in September.

Based on the recommendations, the Justice Ministry will submit a bill to revise the law during this autumn's extraordinary parliamentary session at the earliest.

Under the current law, multiple court rulings have denied that crypto assets are monetary claims that can be confiscated, according to the ministry.

The panel will propose revising the law to state that assets in general can be confiscated.

[Copyright The Jiji Press, Ltd.]

Jiji Press