On June 6th, the Financial Services Agency, together with the National Police Agency, made a formal request to the Japan Virtual and Crypto assets Exchange Association (JVCEA) to enhance measures to prevent fraud involving crypto assets. They demanded the implementation of 11 new measures, including the pre-registration of withdrawal destinations and enhanced transaction monitoring.
The request comes against a backdrop of increasing incidents of investment solicitations and romance scams via social media. Despite measures taken by financial institutions, criminal methods are becoming more sophisticated, and the amount of money lost to these special frauds through exchanges...