PANews April 28 news, Japan's Ministry of Land, Infrastructure, Transport and Tourism, Financial Services Agency, National Police Agency, and Ministry of Finance jointly issued a document today, proposing the following requirements for the use of cryptocurrency in real estate transactions: Real estate transaction operators should be aware that converting cryptocurrency to fiat currency or acting as an intermediary for such conversion may constitute a cryptocurrency asset trading business, and engaging in such business without registration will violate the Fund Settlement Act. If unauthorized cryptocurrency trading is suspected, it should be reported to the police. Real estate transaction operators are required to strictly fulfill the transaction confirmation obligations as stipulated by anti-money laundering laws when accepting cryptocurrency payments and timely submit suspicious transaction reports to the competent authorities. Cryptocurrency traders who discover that a customer is paying a large amount for real estate transactions in cryptocurrency and it does not match the customer's profile must also perform strict verification and reporting obligations. In addition, individuals receiving cryptocurrency equivalent to over 30 million yen from overseas, as well as non-residents acquiring real estate domestically, must submit relevant reports as required.
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