Japan Develops Crypto Transaction Tracking Software

August 31, 2018

National Police Agency of Japan (NPA) has announced launch of its own software for registering cryptocurrency operations. As the agency members say, the program is required to prevent misuse of digital currencies.

The NPA told that the new app will be presented next year and will allow for tracing crypto operations within the country. Note that the name of the developing company was not disclosed.

According to the NHK agency, hardware provides for retrieving data on specific transaction including crypto exchange that processed it. The publication also reports that in order to cover development costs NPA has to increase its next-year-budget by around 35 million yen ($315,000).

In addition, early this month the Japan-based company Trend Micro focused on cyber security matters has found an offer for sale of Bitcoin ATM with in-built malwares at one of the local darknet-websites. The machines $25,000-worth each supported EMV banking card standard (Europay + MasterCard + VISA) and had near-field communication (NFC) functionality.

Remember also that last week the head of the Japan’s Financial Services Agency (FSA) Toshihide Endo claimed the unit is targeted at appropriate crypto market regulation. He said that the FSA’s top priority is facilitating crypto market development and seeking required balance between customer protection and technological innovation support.

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