Japan Introduces Strict Crypto Law After $305M Exchange Hack
Japan has only recently enacted a key new crypto law to better secure the industry and be more transparent. The action comes in the wake of a $305 million domestic crypto hack and increasing worries about the collapse of international exchanges.
The new law requires exchanges to store customer assets in Japan. This is to prevent loss if an overseas platform goes bankrupt or shuts down. The bill also establishes stronger anti-money laundering (AML) laws. These seek to prevent illegal actions such as money laundering and fraud by utilising cryptocurrency.
Another significant shift is that individuals can now use crypto directly in apps. That translates to in-app purchases and services paid for with crypto being officially sanctioned. The…
