Japan's Ministry is expected to consult with the Legislative Council on the matter as soon as next month.
On June 6, Japan’s Justice Ministry announced that it would be looking over the legislation combating organized crime to confiscate illegally acquired crypto-related assets. By doing so, the Ministry hopes to finally take the power from various criminal organizations and put an end to illegal crimes such as money laundering.
However, as stated in the declaration, the Justice Ministry will have to discuss with the Legislative Council prior to continuing with the plan, which is expected to happen as early as July. On top of that, Japan’s Ministry will have to figure out a way for officers to acquire the private keys from criminals.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a Crypto Wallet? (Explained With Animation)
As of now, only assets such as physical property, monetary claims, and movable assets can be confiscated. On the contrary, cryptocurrencies are currently not considered a type of asset that can be seized.
However, even if the law is revised, criminals would still supposedly have the ability to conduct illegal activities through their unseized digital asset holdings. That is due to the fact that the updated legislation doesn’t specify any procedure for unlawfully obtained crypto.
Last week, Japan’s Parliament enacted legislation prohibiting non-banking organizations from issuing stablecoins. Under the new regulation, only licensed banks, Japan’s trust firms, and registered money transfer agencies will be permitted to issue stablecoins. The law is expected to go into effect next year.
In other news, earlier this year, the New York Senate approved the bill to ban crypto mining in the state. As a result, yesterday, a number of crypto traders on social media shared their disagreement with the possible mining restrictions if the governor proceeds and essentially approves the proposal.
