Group 1 - Japan's Financial Services Agency (FSA) is collaborating with private businesses to conduct crypto anti-money laundering (AML) pilots over the next three months [1][4] - The initiative aims to integrate crypto into the mainstream financial sector in Japan by 2028, with significant participation from major domestic crypto exchanges and financial firms [2][3] - The FSA is focusing on testing the effectiveness and legal compliance of a new framework for private businesses to share information regarding crypto-related AML [4][5] Group 2 - Leading firms involved in the pilots include GMO Coin, Bitbank, and the Japanese branch of Chainalysis, along with crypto divisions of Rakuten and Nomura [3] - The FSA encourages multiple cryptocurrency exchanges and stablecoin businesses to collaborate by sharing information on suspected fraudulent wallet addresses [5] - Experts suggest that rather than establishing a large state-run system, governments should set standards for private entities to implement, which aligns well with Japan's cautious yet technologically advanced regulatory approach [5]