Saturday, November 26, 2022

New Japanese Law Could Allow The Seizure Of Stolen Crypto

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New Japanese law could allow the seizure of stolen crypto and under the current variation of law, there’s no explicit procedure that is outlined for law enforcement to seize these funds from criminal organizations so let’s read more today in our latest cryptocurrency news.

Japan’s Justice Ministry is considering a revision of the asset seizure law that relates to organized crime to include a stipulation that crypto can be commandeered in these instances. If the reports are found to be true, the potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime will enable law enforcement officers to take control of crypto assets used in criminal activity like money laundering.

According to the reports, the Justice Minister will have to engage in talks with the Legislative Council on the issue before proceeding ahead so while it will need to iron out some details like how officers can go about the criminal private keys, the talks will go ahead as soon as next month. The New Japanese law could allow the seizure of stolen crypto while the specific law focused on the seizure of assets doesn’t outline procedures concerning illegally acquired cryptocurrencies but there is a concern that criminals could be able to continue their illicit behavior via their unseized digital asset holdings.

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The law only outlines the type of assets which can be seized and are physical property, movable assets, monetary claims as well as tools, supplies, and vehicles. Crypto doesn’t fall under any of these categories. Once the finer details are set, the amendment to the law will need to be approved by the cabinet and then signed off by the parliament and might not meed resistance because of the nature of the proposal. The report came days after Japan’s parliament passed a bill to ban the stablecoin issuance by the nonbanking institutions hoping to reduce the system risk and provide greater consumer protection. Under the bill, the licensed banks and the registered money transfer agents can develop and issue stablecoins.

As recently reported, Some companies did remain unfazed by the bear market but most faced staff layoffs. The world’s second-biggest exchange by trading volume is in expansion mode and many others felt the pinch as the crypto winter enhances. However, FTX announced that it will be launching an exchange in Japan to service the Japanese traders and investors, supporting fast deposits and withdrawals for the Japanese yen. FTX launched in Japan as a licensed platform and service provider that has a Type 1 Financial Instruments Business license.

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