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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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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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