Japan: reports of suspicious cryptocurrency activities increase dramatically

December 08, 2018
Darya Karatkevich

Japan’s National Police Agency (NPA) reported that 5,944 cases of suspicious cryptocurrency activities were brought forward by various cryptocurrency exchanges in Japan this year. Nearly eight times the amount of suspicious activity cases reported last year.

suspicion operations

According to the article released by Mainichi, the increase is due to new rules introduced last year requiring cryptocurrency exchanges to report any activity believed to be suspicious. An NPA official was quoted saying that since the rule’s inception “it has been embraced by the industry…” and the drastic jump in reports definitely supports his statement. Only 669 incidents were reported last year before the law was put into effect.

The suspicious cases reported involved multiple accounts operating with the same photo used to identify users, multiple accounts being opened at the same IP address, and the use of disconnected cell phone numbers during registration.

Two bills were recently proposed to the U.S. House of Representatives intended to improve cryptocurrency regulations in the country. The bill requires research on regulations in use worldwide with the purpose of implementing them in U.S.-based markets. Considering its success, perhaps lawmakers should take a page from Japan’s book.

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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