A new arsenal for a new threat – The arrival of cryptocurrencies in the financial landscape requires some time to adapt to the legislators nationals. Regulation takes different forms and is not expressed in the same way – nor at the same speed – in every country. But thanks to an event like the sinking of Terra Luna, things can suddenly accelerate. the Japan takes the bull by the horns and decides to move forward in the framework of crypto-assets after the setbacks of his neighbor. After stablecoins last weekit is cryptocurrencies as a whole that are about to join the list of assets seizable by justice. “In retrospect, it was inevitable..”
A slight legislative change regarding cryptocurrencies…
No big changes in the law here. the Ministry of Justice Japanese simply envisages a revision of the law relating to the seizure of funds and/or financial assets within the framework ofcriminal cases. More specifically, it is a law of 1999 on the repression of organized crime and income who as a result. This text needs to be dusted off to respond to the new crypto crime and thus give new tools to the Japanese justice system.
The government will first present its bill to the Legislative Council. Then the amendment will be presented to the Parliament who should sign it soon. The local media speak of a presentation next month as well as a probable adoption in stride as this kind of amendment is unanimous.
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…to respond to new types of criminal cases
Indeed, cryptocurrencies were until now in the legal vagueness the most complete. Investigators had no way of being able to seize crypto ill-gotten despite the evidence of certain offences. Only physical property, monetary claims and movable property could be seized. The criminals therefore kept their crypto-loots right in front of the authorities. This will soon no longer be possible in the Land of the Rising Sun. And it is difficult not to subscribe to this text.
The question nevertheless arises as to how to recover the private keys of a criminal organization. But that is another question… Japan is therefore gradually acquiring a legal arsenal and repressive relatively rich vis-à-vis cryptocurrencies. It must be said that the delicate situation of its South Korean neighbor calls for caution and pushes the government to protect its consumers.
The Japanese authorities are ultimately in the same situation as many other countries. They evolve on a ridge line which is not easy to negotiate. Se deprive of the cryptocurrency business sector does not appear reasonable when other countries have decided to develop it. However, let the free field to all possible is clearly risky for its consumers. The Japanese are therefore strengthening their anti-crime laws and also let its population use cryptos. An example to follow ?
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