CoinVoice recently learned that Chainalysis pointed out in a blog post that there have been many seemingly positive developments in the cryptocurrency ecosystem this year.
It points out that, with the U.S. approving spot Bitcoin and Ethereum ETFs and the Financial Accounting Standards Board (FASB) revising fair accounting rules, cryptocurrencies continue to gain mainstream recognition in many ways. Chainalysis also mentioned that the funds flowing into 'legitimate' services so far this year are at the 'highest level' since 2021 (the last bull market peak). It noted that illegal activity funds have decreased by '19.6% this year, from $20.9 billion to $16.7 billion, indicating that the growth rate of legitimate activities is faster than on-chain illegal activities.'
These signs suggest that cryptocurrencies will continue to be 'adopted globally', and this is also reflected in Japan's crypto ecosystem. Overall, the exposure of Japanese services to global illegal entities is 'generally low, such as sanctioned entities, dark web markets (DNM), and ransomware services, as most Japanese services are primarily aimed at Japanese users.'
However, the report clarifies that this does not mean that Japan is 'completely immune to crypto-related crime.' Public reports, including those from Japan's Financial Intelligence Unit (FIU) JAFIC, emphasize that cryptocurrencies pose a 'significant money laundering risk.' Chainalysis further points out that although Japan's contact with international illegal entities may be limited, the country 'is not without its own local challenges. Off-chain criminal entities utilizing cryptocurrencies are common, but often remain unknown.' (Crowdfund Insider) [Original link]