Japan’s crypto industry will adopt the travel rule by April 2022

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The FSA also directed JVCEA to keep its corporate members well informed about the forthcoming changes, and provide necessary support on issues related to the travel rule. From the perspective of ‚Äúensuring the proper and secure conduct of crypto asset businesses‚ÄĚ, the FSA asks that VASPs ‚Äúpromptly proceed with consideration to the appropriate implementation of the travel rule in order to solve technical and operational challenges, and swiftly establish a regime‚ÄĚ. Source www.regulationasia.com

VASPs (virtual asset service providers) will be required to obtain information of the originator and beneficiary associated with the transfer of crypto assets, and to pass on this information to the VASP used by the beneficiary, the letter said. In line with the FATF standards, the FSA has written to the JVCEA (Japan Virtual and Crypto-assets Exchange Association) requesting the industry group to start preparing for the implementation of the travel rule in Japan.

The FSA said it is aware the JVCEA is also considering the introduction of self-regulatory rules regarding the travel rule by April 2022. The FATF (Financial Action Task Force) amended its standards in June 2019 to¬†place clear AML/CFT requirements on virtual assets and VASPs, including the implementation of the ‚Äėtravel rule‚Äô ‚Äď which mandates that VASPs obtain, hold and exchange information about the originators and beneficiaries of virtual asset transfers.

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