According to Kyodo News, fiat currency-pegged digital currencies, known as 'stablecoins,' are being misused for money laundering. In March this year, Osaka Prefectural Police arrested three men on suspicion of violating the Act on Punishment of Organized Crimes, accusing them of laundering money for an investment fraud group. These three individuals converted approximately 14 million yen in scam funds from 10 victims across six prefectures into stablecoins and other assets to obscure the source of the funds. Police revealed that the trio operated as 'over-the-counter (OTC) traders,' directly trading crypto assets between individuals without going through exchanges. The total scale of money laundering they were involved in is estimated to reach several billion yen. https://www.(wublock123.com)/news/news-63155