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Taiwan proposes tougher AML measures for crypto service providers

Taiwan’s Ministry of Justice is pushing for amendments to its Anti-Money Laundering (AML) regulations, targeting virtual asset service providers (VASPs) in a bid to combat fraud and enhance AML measures.

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Taiwan’s Ministry of Justice is pushing for amendments to its Anti-Money Laundering (AML) regulations, targeting virtual asset service providers (VASPs) in a bid to combat fraud and enhance AML measures.

Under the proposed amendments, noncompliant firms could face jail terms of up to two years and fines of up to $1.5 million. These changes, outlined in the “New Four Laws to Combat Fraud” proposed by Taiwan’s Executive Yuan, seek to bolster efforts in cracking down on fraud and tightening regulations surrounding money laundering prevention for crypto service providers.

Key components of the amended regulations include provisions for fraud crime prevention, money laundering prevention, technology investigation and security, and communications security and supervision.

Notably, the proposed amendments introduce stricter penalties for VASPs found in violation of the law. This includes revised registration requirements and restrictions for both domestic and international currency dealers. Failure to comply could result in prison sentences for VASPs operating without proper registration.

Additionally, a new legal category has been established for money laundering offenses linked to third-party payment accounts and virtual asset accounts. Offenders could face jail terms ranging from six months to five years and fines of up to 50 million New Taiwan dollars ($1.5 million) for utilizing third-party accounts for money laundering.

Deputy Minister of Justice, Huang Mou-hsin, emphasized the need for stronger measures, stating that while current provisions allow for administrative penalties against noncompliant cryptocurrency companies, the proposed amendments would criminalize such behavior with significant fines and prison time.

Furthermore, the proposed regulations would require foreign cryptocurrency platforms to establish local entities and seek AML registration to avoid facing criminal penalties.

These proposals come in the wake of Taiwan’s securities regulator announcing plans to propose new laws for digital assets by September, indicating the country’s commitment to enhancing regulatory oversight in the crypto space.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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