In a bid to strengthen its regulatory landscape, Japanese lawmakers are reportedly looking forward to amending the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999).
The amendments will grant the authority to law enforcement agencies and courts to seize cryptocurrencies that have been linked to criminal activities.
The reports have it that the Ministry of Justice will be involved in discussions with the Legislative council with respect to the proposed amendment. In proposing the regulation, a number of factors will have to be considered including how the private keys to a particular crypto asset will be obtained in order to enforce the seizure.
Japan has been charting a very pivotal course for the crypto industry and is removing every form of ambiguity that may impact how investors relate to the nascent ecosystem. Earlier this month, Blockchain.News reported that Japan has passed a new Stablecoin bill that defined these asset classes as digital money.
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