The Financial Services Agency of Japan [JFSA] is putting a lot of pressure on the country’s various cryptocurrency exchange platforms to stop trading of various Altcoins as various investigations have revealed that these are favored by criminals.
JFSA is asking various exchange platforms to drop Monero [XMR], Zcash [ZEC], Dash [DASH] and other cryptocurrencies preferred by various criminals and hackers to fund their legal business.
The government of Japan wants to prevent money laundering and other illegal activities in Japan. The government believes that these criminals are using these altcoins to fund their illegal activities as these transactions are not traceable by the government as they provide a privacy feature to its users.
The Japanese authorities related into criminal research has stated that it is very difficult or if not impossible, to identify and find the people who are participating in transactions using these various cryptocurrencies a blockchain or any other public ledger.
According to the Japanese Cyber Police, various criminals are preferring the new “privacy coins” such as Monero, Zcash or Dash when they are demanding a ransom or payment in the sales of illegal goods such as drugs, weapons etc.
Presently, in Japan, all three digital currencies can be legally traded.
On the 10th of April, JFSA declared that Monero and Dash are the most problematic virtual currencies as these coins were preferred by criminals for money laundering for their illegal businesses.
As a response to the comments of FSA, Riccardo Spagni, the Lead Developer of Monero tweeted:
“First they came for Monero, and I did not speak out –
Because I was not a Monero holder.
Then they came for ZCash, and I did not speak out –
Because I was not a ZCash holder.
Then they came for Bitcoin – and there was no one left to speak for Bitcoin.”
source https://ambcrypto.com/japans-fsa-exchange-platforms-to-drop-monero-xmr-zcash-zec-dash/
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