The Foreign Exchange and Foreign Trade Act applies to foreign transactions such as the transfer of funds, goods, and/or services between residents and non-residents of Japan, as well as foreign currency transactions among residents of Japan.
In accordance with Article 55 of the Foreign Exchange and Foreign Trade Act, if an amount equivalent to 30 million JPY or more is received from a resident to a non-resident of Japan or from a non-resident to a resident of Japan, a report must be filed with the Minister of Finance. *1
Such payment or receipt of payment includes not only those using fiat currencies such as JPY or USD, but also those using crypto assets.
When customers request crypto asset withdrawals, the travel rule shall be applied. *2
We must require our customers to comply with these rules and regulations.
*1 If a crypto asset exchange operator mediates, brokers, or acts as an agent for crypto assets exceeding the equivalent of 30 million JPY, the crypto asset exchange operator shall submit a report after the fact to the government. When a transaction exceeding the corresponding JPY equivalent amount is conducted through bitFlyer, it is not necessary for the customer to submit a report for the corresponding transaction.
*2 More information on the travel rule can be found here.