Japan Blockchain Promotion Association discusses the dangers of cryptocurrency being used for dark money laundering

According to Crypto.Watch, the Blockchain Promotion Association (BCCC) held its 17th Risk Management Committee meeting on May 28 in Tokyo's Oimachi. The theme of the conference was the danger of virtual currency (encrypted assets) being used to launder money through the dark net and global response regulations. Naoshi Kozuka, director of Japan’s credit intelligence services, said, “The dark-net funds are entering virtual currency at an extremely fast rate, so virtual currency is being polluted.” Mitsui’s Mitsubishi Research Institute said: “With the popularity of encryption assets, The use of crimes such as dark-net settlement, illegal outflows of exchanges, and ICO fraud is also increasing. It is reported that the losses caused by illegal transactions in virtual currencies have increased year by year, with about $1.7 billion in 2018. Hetian added that the proceeds from crimes are likely to be money-laundering using encrypted assets.