The world of crypto-currencies has already made some of the scandals due to illegal transactions and cyber-crime. The currencies for most of the countries around the world is an important issue in the evaluation of Crypto. So far crypto-currencies of many of the speculators are referred to as “advantage for Criminals”, but what happens when the authorities start to believe that too?
Although it was originally the first big country, the Bitcoin supported, as decided by the Japanese National Police Agency (NPA), to install a System, the Problem of money laundering in the case of crypto-to fight currencies. First of all, this System is used only to monitor the most important crypto-currencies.
The Japanese NPA said on 31. August 2018 by Yomiuri Shimbun:
We have prepared a Directive providing for the introduction of Software in the next fiscal year, the transaction document the history of virtual currencies. This is in view of the increasing massive money-laundering and the theft of virtual currencies becoming more and more important.
As a result, the Japan-based media company Fisco:
In the case of many offences in relation to virtual currencies, it is traditional to have transactions across multiple accounts. In the follow-up, the police had to consider during your investigations so far, a tremendous amount of records.
More Fisco added the following about the new crypto currency tracking software:
The System focuses on the most important crypto-currencies, such as ETH and BTC. It is expected to be from the next fiscal year, the National Police Agency, the Tokyo Metropolitan Police Department and the Osaka Preferctural Police Department.
For more information about the cryptographic Tracking Software
Since money laundering is a growing Problem in Japan, for example, the $ 500 million of NEM-theft, is also the pressure to do something about it, getting bigger and bigger. Specifically, the have some of the largest thefts occurred in Japan, one must not lose sight of. Therefore, the country has begun to firm policy, and develop policy requirements to prevent further such cases.
At the same time, the Japanese police has to increase its security budget for the next year to approximately 2.7 billion Yen (approximately 24.3 million USD).
Also, Japan’s public broadcasting, the NPA has a sum of 35 million Yen (approximately 315.000 USD) decided to Institute to invest for the same purpose.
for the with the introduction of the Software costs
Further, it was said:
The Software can extract transaction data needed for an investigation, from an enormous volume of data, what is Cyber investigations makes it much more effective.
It is important to point out that Japan’s new crypto-tracking Software gets to every crypto transaction all of the crucial information. In addition, the System can present all the essential data of the crypto Exchanges.
The Nikkei has also made it clear:
Due to the possibility to track the history of transactions from the bird’s perspective, the System is able to investigate crimes committed in the virtual currency market.
Anti-money laundering and massive theft
Japan’s new crypto-transaction system will enable the country to combat cyber crime and fraud are significantly better examine. In addition, the System provides high speed and reliability.
Crypto security is a big concern for Japan and the country is making great efforts to increase the security. In February, the NPA told the Japanese government that there were in the year 2017, more than 600 cases of cyber theft.
In Japan, more and more money will be stolen values online. The country has made in combating the cyber crime a big step. What relates to the national security interest, the step of Japan is very smart. However, the question of how it will impact on the crypto-growth in Japan.
If you look at this from an ethical point of view, probably not serious. If you want no illegal crypto-activity, one can expect probably no problems with the Japanese police. For those who want to move on to the legal Because, this new System probably has no further effect.
If the topic of crypto-currency is new to you, please consider our “important tips” for crypto-newbies. Since safety is the most important thing, you might be interested also to “How do I secure my Kryptos”.
If you are interested in other interesting news, read are here as Visa, or here what has been said by Dominik Schiener at the economic summit in 2018.
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This article was from English into German:
Senior IT Consultant and Crypto Enthusiast always in search of interesting news.