Taiwan proposes two-year jail term for non-compliant VASPs in draft bill
The Ministry of Justice is behind the bill, which seeks to combat money laundering and fraud through digital assets, proposing fines of up to $1.5 million.
The Ministry of Justice is behind the bill, which seeks to combat money laundering and fraud through digital assets, proposing fines of up to $1.5 million.
Digital assets pose an increasing danger to legacy finance and that the proposed laws will protect the stability of Taiwan’s financial industry, according to the Financial Supervisory Commission.
The Texas State Securities Board has settled with Abra, which consented to repay $1.8 million to 1,600 investors from the state, while Taiwan pursued the people behind the $6m fraud at ACE Exchange.
Taiwan is exploring a digital New Dollar with a completed central bank digital currency proof-of-concept, aiming to streamline payments, enhance security, while eyeing public input for a gradual rollout.
The Financial Supervisory Commission is considering allowing a ‘crypto’ ETF, but it’s waiting to see how other markets develop, including the U.S. where a spot ETF is being weighed.
Cathay Securities has obtained an STO license from SFC for its Sunshine Green Benefit Debt, which leverages blockchain and allows customers to buy green electricity in line with Taiwan's ESG goals.
JPEX partners, Chang Tung-Ying and Shi Yu have been arrested for anti-money laundering violations, and more individuals are being summoned like Chen Lingju, who endorsed the firm during its peak.
40-year-old Qiu, who claims to be a water merchant, is said to have received funds from groups involved in criminal acts, exchanging them for Tether before selling it to other parties for cash.
The new bill passes its first reading in parliament, laying the groundwork for increased consumer protections and tighter regulation around digital assets and exchanges operating in Taiwan.
Taiwanese legislators are reportedly working on regulations to boost investor safety and combat digital currency-related crimes, with input from industry stakeholders shaping the upcoming rules.
Taiwan’s FSC announced a much-anticipated set of guidelines on September 26 for VASPs, emphasizing increased oversight and customer protections.
Taiwan’s financial regulator is set to issue 10 guidelines for the industry, including requiring segregation of customer funds and enhanced AML programs.