Taiwan approves prison sentences for money laundering using cryptocurrencies
Taiwan has introduced new laws that criminalize the use of digital assets for money laundering purposes, with prison sentences ranging from six months to five years. These measures are aimed at combating financial fraud.
Source:X-account Wu Blockchain publications
Taiwan's Ministry of Justice has submitted a proposal to amend the current anti-money laundering legislation. Under the proposed changes, companies that violate the rules could face up to two years in prison and fines of up to $1.5 million. These amendments will be sent to Taiwan's national parliament for approval.
Amendments include:
Amendments include:
1
Fraud Prevention and Control Act.
2
Law on preventing and combating money laundering.
3
Technology Investigation and Protection Act.
4
Law on the Protection and Supervision of Communications.
The documentation states that both local and foreign virtual asset service providers (VASPs) must undergo an Anti-Money Laundering (AML) registration process. Leaders of organizations that do not comply with this requirement face up to two years in prison.
Using virtual asset accounts and third party payment accounts for money laundering purposes will be punishable by six months to five years in prison and a fine of up to NT$50 million (approximately US$1.54 million).
Taiwan's Financial Supervisory Commission (FSC) will act as the supervisory authority.
Taiwan's Deputy Justice Minister, Huang Mou-hsin, noted that under current regulations, the government can only take administrative measures against cryptocurrency companies that violate regulations. However, the new bill, which is proposed for consideration, provides for criminal liability for such violations.
The proposed law would expose foreign cryptocurrency platforms to the risk of criminal penalties unless they set up local firms and apply for anti-money laundering registration.
It is reported that 25 local trading platforms have already completed applications to comply with these requirements.
Using virtual asset accounts and third party payment accounts for money laundering purposes will be punishable by six months to five years in prison and a fine of up to NT$50 million (approximately US$1.54 million).
Taiwan's Financial Supervisory Commission (FSC) will act as the supervisory authority.
Taiwan's Deputy Justice Minister, Huang Mou-hsin, noted that under current regulations, the government can only take administrative measures against cryptocurrency companies that violate regulations. However, the new bill, which is proposed for consideration, provides for criminal liability for such violations.
The proposed law would expose foreign cryptocurrency platforms to the risk of criminal penalties unless they set up local firms and apply for anti-money laundering registration.
It is reported that 25 local trading platforms have already completed applications to comply with these requirements.
This news once again highlights the active actions of regulators in relation to the crypto market. AML verification of your crypto funds becomes a mandatory action if you want to save your assets.
We remind you that you can check your crypto wallet for purity, perform AML address verification, track a transaction - this and more you can do in our Btrace solution. Free AML wallet verification for every new user.
We remind you that you can check your crypto wallet for purity, perform AML address verification, track a transaction - this and more you can do in our Btrace solution. Free AML wallet verification for every new user.
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