The Japanese government has sent a formal request to the nation’s leading real estate and crypto associations demanding tighter checks on real estate transactions that use cryptocurrency payments.
Coin Edition reports four Japanese government agencies – the Financial Services Agency, the Ministry of Land, Infrastructure, Transport and Tourism, the National Police Agency, and the Ministry of Finance – united for the request, which is designed to combat criminal entities from turning illegal money into legal assets.
The agencies are demanding that all crypto property deals include full identity checks of buyers and their money source. Suspicious transactions and unlicensed crypto exchanges must be reported immediately to the authorities or the police.
Furthermore, the Japanese government tightened its foreign exchange reporting rules to improve tracking of money flows. Anyone in Japan who receives crypto from overseas worth more than 30 million yen (around $200,000) must report it to the authorities. And all foreign buyers purchasing property in Japan will not be required to file a report after their purchase.
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