Japan tells real estate and crypto sectors to tighten AML checks on property deals

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Japan sends request regarding crypto usage in property deals. Source: FSA The multi-agency request instructed real estate agents to conduct customer due diligence on any crypto-involved transaction under Japan's Act on Prevention of Transfer of Criminal Proceeds, file suspicious transaction reports with regulators and notify police when criminal activity is suspected, bringing bank-style Anti-Money Laundering (AML) expectations into crypto property deals. Related: Japan approves bill to classify crypto as financial instruments The request warned that converting crypto to fiat on behalf of clients may constitute “crypto asset exchange business” under the Payment Services Act, an activity that requires registration and carries legal risk if conducted without it. It also asked crypto exchanges to watch for cases where a customer receives property sale proceeds in crypto and then attempts unusually large transactions that don't match their financial background. Furthermore, the document reminded firms that under Japan's Foreign Exchange and Foreign Trade Act, anyone receiving crypto worth more than 30 million Japanese yen (approximately $180,000) from overseas must file a payment report with authorities. Related: Japan to test government bonds as digital collateral on Canton Earlier this month, Japan amended its Financial Instruments and Exchange Act to classify crypto assets as financial instruments, moving them out of the payments category and into the same regulatory framework as traditional securities. The change bans insider trading and other market manipulation involving undisclosed information, and requires crypto issuers to publish annual disclosures. Penalties for unregistered crypto exchanges have also been stiffened under the amendment, while the government separately backed plans late last year to cap the tax rate on crypto profits at a flat 20%. Magazine: Will the CLARITY Act be good — or bad — for DeFi?

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