{"id":71962,"date":"2024-02-21T07:38:44","date_gmt":"2024-02-21T11:38:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71962"},"modified":"2024-02-21T07:38:46","modified_gmt":"2024-02-21T11:38:46","slug":"japan-fsa-clarifies-stance-on-p2p-crypto-transfers","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/japan-fsa-clarifies-stance-on-p2p-crypto-transfers\/","title":{"rendered":"Japan FSA Clarifies Stance on P2P Crypto Transfers"},"content":{"rendered":"\n

Japan's primary financial regulator, the Financial Services Agency (FSA), has clarified its stance on peer-to-peer (P2P) cryptocurrency transactions<\/a> in light of its most recent recommendations to domestic institutions.<\/p>\n\n\n\n

\"Japan
Japan FSA Clarifies Stance on P2P Crypto Transfers<\/figcaption><\/figure>\n\n\n\n

In a letter dated February 14, the FSA advised banks to “enhance the protection of their customers” by “preventing transfers to crypto-asset exchange service providers in which the sender's name differs from the account name.” <\/p>\n\n\n\n

As previously reported, this may jeopardize P2P transfers in the country, which typically involve two distinct individuals on the sender and receiver ends.<\/p>\n\n\n\n

The FSA, in response to a question, clarified that its recommendation does not permit “any transactions between individuals:”<\/p>\n\n\n\n

\n

\u201cWe issued the request with the aim of asking banks and other financial institutions to strengthen measures against unlawful money transfers in cases where an individual deposits cash from the individual\u2019s bank account to an account of a crypto asset exchange service provider<\/a>.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

To obtain funds from Victim Y's bank account, fraudster X requires Victim Y to transfer funds to his newly established cryptocurrency account. To gain access to one account on the cryptocurrency platform, which would not otherwise take the initial deposit from another user, the fraudster would convince victim Y to change their name to X. <\/p>\n\n\n\n

However, per the latest guidelines, the bank will presently impede the dubious transaction in which the originator requests a name change from Y to X to deposit to the cryptocurrency platform.<\/p>\n\n\n\n

As per the FSA, numerous financial institutions have reportedly implemented these measures; however, the agency has not received any reports regarding specific instances that would give rise to “apprehensions regarding crypto-asset markets.”<\/p>\n\n\n\n

The recommendations of the FSA “are not required uniformly” of all financial institutions. Banks are required to evaluate and determine specific actions following their specific conditions.<\/p>\n\n\n\n

South Korea, a country adjacent to Japan, is adopting proactive measures to counteract cryptocurrency deception. For suspicious transactions on platforms that are already operational in the country, its Financial Intelligence Unit \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>will implement a preemptive trading suspension system. This will result in the freezing of transactions before the commencement of the investigation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Japan’s primary financial regulator, the Financial Services Agency (FSA), has clarified its stance on peer-to-peer (P2P) cryptocurrency transactions in light of its most recent recommendations to domestic institutions. In a letter dated February 14, the FSA advised banks to “enhance the protection of their customers” by “preventing transfers to crypto-asset exchange service providers in which […]<\/p>\n","protected":false},"author":12,"featured_media":42253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[376,885,883,10341],"class_list":["post-71962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrencies","tag-fsa","tag-japan","tag-p2p-trading"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/image-38.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71962"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/42253"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}