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Man detained for re-selling cryptocurrencies in Japan

  • On June 21, a 36-year-old man was arrested in central Japan for allegedly setting up a bitcoin transaction account with the aim of reselling it
  • Many crypto businesses, such as BTC and ETH, have already been assessed and enrolled as lawful under the PSA in Japan (Payment Services Act)
  • This is the first time in the country that fraud charges have been filed against the sale of virtual currency transaction accounts, according to prefectural police

A 36-year-old man was detained on June 21 in central Japan for allegedly creating a bitcoin transaction account with the intention of reselling it. As we know that crypto accounts are being created and demolished very easily, and people are instantly making money and just signing off without any proof. It has become a very serious concern to the investigating agencies who are trying to catch these crimes such as reselling cryptocurrencies or buying them illegally. Presently the market for cryptocurrency in Japan is one of the richest. Being a highly technical country, it is very easy to both misusing crypto and catching the one who is misusing it. Japan has already considered and enrolled many of the crypto companies like BTC and ETH as legal under the PSA (Payment Services Act), people in Japan have developed a very keen interest in dealing and carrying out business using cryptocurrencies. Thus, a case like reselling crypto is highly eye-catching in a place like Japan. 

Junya Saito, 36, a restaurant employee from Hamamatsu’s Nishi Ward in Shizuoka Prefecture, was detained on suspicion of fraud and suspected violation of the Act on Prevention of Transfer of Criminal Proceeds by the Aichi Prefectural Police’s cybercrime control unit. There have not been any clear reports gained that would prove Saito completely guilty of the crime that he is suspected of being carried very recently. Many such cases have been reported in Japan of bank frauds and other kinds of frauds which include such kinds of funds. out. So far no such incidences have been recorded as far as crypto is considered. Many extensive investigations are being carried out to catch the ones who are involved along with Junya Saito, in this illegal reselling of cryptocurrencies in and across the country. 

According to prefectural police, this is the first time in the country that fraud charges have been brought against the selling of virtual currency transaction accounts. It is difficult to regulate each account opened, closely. When a person establishes an account to trade cryptocurrencies, they do not need a bankbook or seals, and they are screened by the company after providing personal information online, such as licensing information. Catching such fraud is a big achieve, ent fro the agency.  According to the Aichi Prefectural Police, while many applicants create accounts for speculation, there has been an increase in the number of incidents where persons open accounts to collect illegal profits. Saito had six additional transaction accounts, and authorities are looking into whether they were also used for resales.

   

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