Japan’s Crypto Exchanges Grapple With Travel Rule as Deadline Looms

Japan’s Crypto Exchanges Grapple With Travel Rule as Deadline Looms
With the deadline to implement the travel rule looming, Japan’s cryptocurrency exchanges say that they are in negotiations with regulators to limit the rule’s scope to major tokens.The travel rule requires virtual asset service providers (VASPs), like Japan’s crypto exchanges, to share customer data on transactions above a certain threshold. The rule was recommended by the Financial Action Task Force (FATF), an intergovernmental organization that sets standards for financial policy for the G7 and another 30 or so developed countries.In March of this year, Japan’s Financial Services Agency (FSA) requested virtual asset services providers to implement a framework to fulfill…