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Home / Business / Japan has FATF Green Light to create "SWIFT Network" for Crypto: Report

Japan has FATF Green Light to create "SWIFT Network" for Crypto: Report



Japan is said to be a leader in the establishment of an international encryption network similar to the SWIFT banking network.

A report from Reuters on Thursday mentions a source familiar with the effort that says the network will fight money laundering and was approved last month by the Financial Action Task Force (FATF).

A team from the International Money Laundering Mission would monitor the development of the project, which will be conducted with other nations, the source said.

The network is an initiative of Japan's finance department and the FSA janitor. Reuters said both agencies would not comment when contacted.

Japan had investigated cryptobytes as a host of a June meeting of the G20 group of nations, and also launched a working group to discuss regulatory issues about Facebook's Libra crypto competition before the G7 meeting last week.

The nation has suffered a number of notable hacks of cryptobytes, including two of the world's largest and most shocking: Mt. Gox and Coincheck.

Japan has been one of the most proactive countries in regulating cryptos, mainly as a result of the Gox breach. In 201

7, it created an exchange licensing scheme and changed its financial rules to allow bitcoin as a legal form of payment.

Japanese travel image via Shutterstock


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