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Japan’s NPA received 5,944 reports on the suspected use of cryptocurrencies for wrongful purposes

Japan’s National Police Agency (NPA) received 5,944 reports on the suspected use of cryptocurrencies for wrongful purposes, such as money laundering, in January-October, Jiji Press reported on December 6.

The number of such reports from cryptocurrency exchange operators showed a big jump from 669 last year after the implementation in April of a law obliging the operators to make reports to the police if they detect dubious digital currency transactions.

The NPA official said the increase indicates that the operators have become widely aware of the reporting obligation.

The revised law to prevent the transfer of criminal proceeds requires cryptocurrency exchange operators to identify customers and report suspicious deals.