Japanese officials have reportedly prepared a handbook offering guidance on cryptocurrency regulation, and plan to share that advice with central bankers and finance ministers attending the next G20 summit, according to a report from Finance Magnates and local media outlet Sankeibiz. That summit will be held in Osaka, Japan at the end of June.
The Japanese Financial Services Agency (FSA) reportedly raided two of the nation’s cryptocurrency exchanges last week, according to two sources cited in a Reuters report published on Tuesday. The regulatory body apparently executed the surprise inspections to investigate issues related to anti-money laundering and customer safeguards.
British Virgin Islands Announces LIFELabs Partnership for Blockchain-Based Emergency Transaction System
British Virgin Islands Premier and Minister of Finance Andrew A. Fahie recently announced a partnership with blockchain firm LIFElabs.io to create a digital currency transaction system that can be used in the event of an emergency. According to the press release announcing the news, the goal is to create an alternative financial transaction structure that can be used to deliver money to the territory’s people during hurricanes and other disaster situations.
Chilean Minister of Finance Felipe Larraín announced this week that the government has sent Chile’s Congress a legislative bill that will provide regulation for fintech and cryptocurrencies. Larraín made the announcement during a visit in the United States, and emphasized the government’s cautious and flexible approach to regulating the space:
The Financial Crimes Enforcement Network (FinCEN) announced this week that it has penalized an individual cryptocurrency trader for alleged violations of the Bank Secrecy Act (BSA). That trader, California resident Eric Powers, reportedly failed to properly register as a money services business, take the necessary steps needed to comply with the Act’s provisions, or properly report suspicious transactions.