Japanese Justice Ministry Wants Law Enforcers to Have Power to Seize Crypto

Crime Japan Police Regulation
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Tim Alper
Author Categories
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Japan’s Ministry of Justice. Source: AdobeStock / MARODG

 

Japan’s Ministry of Justice wants to give courts and police officers the power to seize cryptoassets in criminal cases – and could allow the state to take control of tokens that have been used in money laundering operations.

The Yomiuri Shimbun reported that the ministry wants to amend the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999), which gives law enforcement agencies the power to seize “real estate, movable property and monetary receivables.” 

The law does not currently allow officers to seize intangible digital assets, however – even though it does allow officers to access bank accounts and cash reserves.

The Ministry of Justice will need to clear a number of legal obstacles before it can get its way, however. It will first need plans to raise the matter with the Legislative Council, a body of civil and criminal law experts. It will also need to iron out the practical and technical aspects of the proposed amendment, outlining details of how courts and police officers should deal with seizing control of wallet owners’ private keys.

The proposal will then need to win the approval of the cabinet and finally parliament. All of these stages are likely to be formalities, however, and the amendment will quite probably be bundled with other measures.

The ministry also wants more power to move against suspected hackers or individuals handling tokens that have been stolen in cybersecurity incidents.

An official from the prosecutor’s office was quoted as saying:

“To ensure confiscation can be carried out effectively [in criminal cases,] the necessary legislative steps must be taken.”

Japanese lawmakers are determined to leave no loopholes in crypto regulation, which is becoming increasingly exhaustive in the nation. Late last week, further anti-money laundering provisions were included in revised fund settlement laws that addressed cryptoasset and stablecoin issuance in Japan.

The law limits the issuance of cryptocurrencies and stablecoins to banks and other regulated financial institutions and will promulgate in just under a year.

____

Learn more: 
Japanese Parliament Green-lights Stablecoin Legislation, FTX Makes Official Japanese Debut
Japanese Regulator Wants to Amend the Nation’s Crypto Law

Japan’s Prime Minister Reportedly Open to Idea of Crypto Tax Reform
Japanese Opposition Leader Urges Crypto Tax Reform to Provide Nation with Web3 Boost

G7 Keeps Pushing for Crypto Regulation, Here’s What’s Already Happening
Japanese Police Deletes its Warning about Crypto Mining after Losing Monero Case

More Articles

Blockchain News
What’s Happening in Crypto Today? Daily Crypto News Digest
Sead Fadilpašić
Sead Fadilpašić
2025-02-06 13:25:00
Price Analysis
President Trump’s Son Says It’s Time to Buy Bitcoin – Is BTC About to Go Parabolic?
Arslan Butt
Arslan Butt
2025-02-06 12:27:03
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors