The Japanese government has recently been approved by the GAFI authority to create a SWIFT-type banking network. It is the largest global cryptocurrency payment network that will fight against money laundering thanks to the transparency and immutability conveyed by the Blockchain.
Fight effectively against money laundering
A source close to the subject said that Japan would develop a new payment network in virtual currencies, which would be similar to SWIFT . For information, SWIFT is a messaging system used by banking institutions for cross-border fund transfers.
FATF, the Intergovernmental Anti-Money Laundering and Anti-Money Laundering Organization, is closely monitoring this project to ensure that it complies with the regulatory standards in place.
In addition, Japan’s Ministry of Finance and Financial Services Agency (FSA) have previously suggested a draft of the global network project, according to earlier reports.
The G7 has given the green light through the FATF, which will promote the legal, regulatory and operational measures of the financial action network.
At the same time, regulators, central banks and governments have also examined the cryptocurrency project of social media giant Facebook.
Today, the Libra must absolutely comply with anti-money laundering (AML) laws to ensure that users are safe from possible criminal acts.
Japan adopts a law specific to cryptocurrencies
The Asian G7 country – the world’s seven most industrialized countries (France, Germany, Canada, Great Britain, Italy, the United States and Japan) – has taken several initiatives to strengthen the use of cryptocurrencies.
In addition, Bitcoin has been legalized as a method of payment in the same way as Japanese fiat money. The House of Local Representatives approved a draft law amending the national texts to include virtual currencies last spring.
Crypto-exchanges based in Japan are then subject to strict regulations. The revised Anti-Money Laundering Laws are expected to come into force in April 2020.
What do you think about the SWIFT network dedicated to crypto-currencies created by the Japanese government? Comment in the comments section below.