|

Japan wants to create SWIFT for cryptocurrencies

  • The Japanese government is looking into building a global transfer system for cryptocurrencies.
  • The network development will be monitored by FATF team.

The Japanese government wants to create an international network for cryptocurrency transfers similar to SWIFT that is currently used by banks. The authorities believe that this framework will help to fight money laundering issues, Reuters reports citing a person familiar with the plan.

Tokyo aims to have the network in place in the next few years, the person said, declining to be identified because the information has not been made public.

Japan wants to bring the network into operation within the next few years. The government is seeking to cooperate with other countries. Also, it is proposed to have a dedicated team related to the inter-governmental Financial Action Task Force (FATF) that will monitor the development of the network.

The source also mentioned that FATF approved the plan for a new network proposed by the Japanese  Ministry of Finance and the Financial Services Agency (FSA). However, it is still unclear how a new network will function.

It is worth noting that Japan has been at the vanguard of the new industry development in an attempt to stimulate economic growth by attracting fintech and cryptocurrency-related companies in the country. Japan was the first country in the world to propose cryptocurrency regulation in 2017.

Read also: Cryptocurrencies make their way to the top of the G7 agenda.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Sberbank issues Russia's first corporate loan backed by Bitcoin

Russia's largest bank Sberbank launched the country's first Bitcoin-backed corporate loan to miner Intelion Data. The pilot deal uses cryptocurrency as collateral through Sberbank's proprietary Rutoken custody solution.

Bitcoin recovers to $87,000 as retail optimism offsets steady ETF outflows

Bitcoin (BTC) trades above $88,000 at press time on Tuesday, following a rejection at $90,000 the previous day. Institutional support remains mixed amid steady outflow from US spot BTC Exchange Traded Funds (ETFs) and Strategy Inc.’s acquisition of 1,229 BTC last week.

Traders split over whether lighter’s LIT clears $3 billion FDV after launch

Lighter’s LIT token has not yet begun open trading, but the market has already drawn a sharp line around its valuation after Tuesday's airdrop.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.