According to ChainCatcher, Chainalysis pointed out in a blog post that there have been many seemingly positive developments in the cryptocurrency ecosystem this year.
It pointed out that with the approval of spot Bitcoin and Ethereum ETFs in the United States 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 peak of the bull market). It pointed out that the funds for illegal activities have decreased by '19.6%, 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 indicate that cryptocurrencies will continue to be 'adopted globally', which is also reflected in Japan's crypto ecosystem. Overall, Japan's exposure to global illegal entities is 'generally low, such as sanctioned entities, dark web markets (DNM), and ransomware services, as most Japanese services primarily target Japanese users.'
However, the report clarifies that this does not mean 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 pointed out that while Japan's exposure to 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 go unnoticed.' (Crowdfund Insider)
