Japan’s Financial Action Task Force Approves Crypto ‘SWIFT’ Network

Asia Blockchain Review
July 28, 2019

Japan’s Financial Action Task Force (FATF) has reportedly greenlighted a project that will see the establishment of an international cryptocurrency payments network that would work in the same way as the SWIFT network.

A New Initiative for the Cryptocurrency Industry

According to Coindesk, a source close to the Japanese task force reportedly told Reuters that in June 2019, the FATF approved the establishment of the crypto network, to be introduced with the aim of addressing the issue of money laundering. 

Moreover, officials from the international money laundering task force would participate in the project, which will be carried out in cooperation with various agencies from other countries.

The source added that the project is a joint effort between Japan’s Ministry of Finance and the Financial Services Agency (FSA) watchdog. 

Japanese Authorities Actively Developing Virtual Currency Network

In the past few years, the Japanese virtual currency community has seen several crypto exchange hacks, including those that attracted attention from crypto developers and enthusiasts around the world, such as Mt. Gox and Coincheck.

Ever since the Mt. Gox incident, Japanese authorities have been actively developing cryptocurrency regulations.  In 2017, Japanese regulators announced a licensing scheme for exchanges and amended its financial rules, finally allowing Bitcoin to be recognized as a legal payment method.

Nations around the world have been monitoring Japan’s progress regarding crypto regulation, especially at the recent G20 meeting in Osaka. The country also introduced a working group to discuss regulatory issues regarding Facebook’s Libra cryptocurrency project.

Source: https://www.coindesk.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s KT Develops Blockchain Halal Certification
Major South Korean telecom firm KT has announced its partnership with the Korea Muslim Foundation an...

October 18, 2019

WS Asia Pacific Opens New Office in Cambodia 
A new business consultancy with a focus on bringing small and medium-sized enterprise (SME) investme...

October 18, 2019

UAE Land Registry Makes Use Of Blockchain
The UAE government and private sectors are using blockchain technology to record and manage land reg...

October 18, 2019

Walmart Initiates Blockchain Project for Indian-sourced Seafood
Walmart has announced it is introducing a blockchain traceability project which will ensure the supp...

October 17, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us