Japanese Lawmakers to Introduce New Bill, Empowering Crypto Seizure
Godfrey Benjamin Jun 08, 2022 08:25
In a bid to strengthen its regulatory landscape, Japanese lawmakers are reportedly looking forward to amending the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999)
In a bid to strengthen its regulatory landscape, Japanese lawmakers are reportedly looking forward to amending the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999).
The amendments will grant the authority to law enforcement agencies and courts to seize cryptocurrencies that have been linked to criminal activities.
The reports have it that the Ministry of Justice will be involved in discussions with the Legislative council with respect to the proposed amendment. In proposing the regulation, a number of factors will have to be considered including how the private keys to a particular crypto asset will be obtained in order to enforce the seizure.
Japan has been charting a very pivotal course for the crypto industry and is removing every form of ambiguity that may impact how investors relate to the nascent ecosystem. Earlier this month, Blockchain.News reported that Japan has passed a new Stablecoin bill that defined these asset classes as digital money.
While the stablecoin bill solely aims to protect investors in the country, the Bill stipulates that the issuance of the asset will only be made possible through licensed financial services firms and that stablecoins will have to be backed by Japanese Yen.
In the same vein, the amendments to the Control of Proceeds of Crime Bill will bring certainty and add crypto to a list of assets including properties, monetary claims, and movable assets such as machinery, vehicles, tools, and supplies that the Bill currently stipulates can be seized.
Regulators around the world are notably jostling to tame and bring comprehensive regulations to the nascent crypto ecosystem, however, with differing speeds and headstarts.
One of the efforts to caution investors from dealing with speculative assets was that of the Securities and Futures Commission (SFC) of Hong Kong, which advised citizens not to trade in Non-Fungible Tokens (NFTs) if they do not have a full understanding of the risks that may be inherent in the space.
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