Exchanges that are a little too lax on their anti-money laundering (AML) and know your customer (KYC) protections will need to start paying more attention. Japan, one of the world’s leaders in cryptocurrency regulation since the fall of Mt. Gox, looks to focus on these areas even more this year in an effort to grow up the industry.
Japanese outlet Nikkei reports the country’s Financial Services Agency (FSA) is “taking a hard look at cryptocurrency exchanges.” This comes as a G20 meeting will visit the country on June 28 and 29, and the FSA is expected to undergo an inspection by the global body’ Financial Action Task Force (FATF) to see how its performing. (more…)