Cash is king in Japan and it still plays a major role in day to day transactions than a credit card. Japan is one of the developed countries of the world still relies mainly on cash and less on the plastics like the west. With the recent surge in cryptocurrency and moderate regulations Japan police have identified more than 170 money laundering cases that involves cryptocurrency since June 2017. Japan has taken a lead supporting cryptocurrency compared to other nations and have taken appropriate measures to tackle the bad guys working with the exchanges with mutual cooperation.
The National Police Agency have instructed all cryptocurrency exchanges in Japan to inform the law authorities if they seen any suspicious behavior with the transactions. As per the Japan times, 11 crypto exchanges are registered for trading and the number of customer base is expected to increase if the trend in crypto increases over time.
“Police in Japan have cracked down more than 1077 cases of which 230 cases, showed clear involvement with gangsters.The report also shows that 42 cases of suspected money laundering by jewelry and precious metal dealers have been reported between 2014 and 2016.” as reported by Japan Times
With cash economy its always a challenge to handle such issues and Japan police have worked their way to find the bad guy and enabling the way to cryptocurrency.