The Japanese government has taken steps to mitigate the risk of money laundering in the real estate industry by issuing a joint warning regarding the use of cryptocurrencies. The notice was circulated to industry groups, including the Japan Cryptocurrency Business Association and national real estate federations.
As per the official statement, crypto assets are considered high-risk due to their instant transfer capabilities across national borders. This makes them susceptible to money laundering activities.
Real estate agents handling crypto transactions are now expected to meet bank-style Anti-Money Laundering standards. This includes conducting customer due diligence, filing suspicious transaction reports with regulators, and notifying police when criminal activity is suspected.