Japan's National Police Agency (NPA) will reportedly introduce software in 2019 that will follow the transaction history of cryptocurrencies, following an increase in illicit use. The NPA wants to increase its budget by JPY35m ($315,000) to cover the costs of the software, according to Japanese broadcaster, NHK. The software will be developed by an undisclosed private company. It will identify transaction data and help investigators identify what the currency is being used for by crypto exchange operators. Japan has been a leader on regulating digital currencies since 2013, when it introduced legislation requiring exchanges to register with authorities.
Japan's National Police Agency (NPA) will reportedly introduce software in 2019 that will follow the transaction history of cryptocurrencies, following an increase in illicit use. The NPA wants to increase its budget by JPY35m ($315,000) to cover the costs of the software, according to Japanese broadcaster, NHK. The software will be developed by an undisclosed private company. It will identify transaction data and help investigators identify what the currency is being used for by crypto exchange operators. Japan's Financial Services Agency previously said it wants the cryptocurrency industry to "grow under appropriate regulation”.