Japan is working on a SWIFT network for cryptocurrencies

Japan is pressing for the establishment of an international network similar to SWIFT for crypto payments, according to a Reuters report published on July 18. By choosing to remain anonymous, a person familiar with the report said Tokyo plans to have the system up and running for years to come.

Drilling down into the details of the project, he added that the network will be monitored by an intergovernmental Financial Action Task Force (FATF). Proposed by the Financial Services Agency (FSA) and the Ministry of Finance, the project received FATF approval last month.

Japan has already shown interest at the government level in regulating cryptocurrencies. For example, in 2017, the country became the first country to regulate cryptocurrency exchanges.

Source: crypto-economy