Japanese Government Reportedly Set To Freez Stolen Crypto – Assets By Passing New Law

The decentralized nature of crypto assets ensures that transactions and activities involving the assets have no third parties interference. This has remained a leveraging feature that decentralized finance uses against its centralized counterpart. Yet, most criminal activities relating to cryptocurrency are scaling through based on its decentralized characteristics. One of such prevalent crimes is money laundering. Such loopholes have prompted some jurisdictions to propose laws for crypto and its related activities. The action is to control some of the excesses within the crypto industry and protect citizens investing in cryptocurrencies. Some of the laws center on stolen assets and illegal activities with them. Related Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose? Among the cryptocurrency laws is the new one from Japan that could seize crypto assets obtained illegally. According to the report, the country’s Justice Ministry plans on revising the law on crypto seizures for organized crime-related cases. There’ll be a forceful take-off of any crime-related cryptocurrency with the amended law. A few days ago, the Japanese parliament passed a bill banning non-banking firms from stablecoin issuance. Their motive was to maintain and enhance consumers’ protection by cutting down potential system risks. Also, the bill listed the authorized groups that could participate in...