ChainCatcher news, according to media reports from Taiwan, a 30-year-old man in Kaohsiung was seized by the police for illegally engaging in Tether (USDT) trading, marking the first case since the implementation of the new Anti-Money Laundering Act's virtual asset service provider (VASP) registration system. The police found that the man sought buyers through social media platforms, completing over a hundred transactions in just one month, selling 400,000 Tether coins and earning approximately 800,000 NTD.At the same time, the police also seized an illegal currency exchange studio in Taipei City, with the amount involved exceeding 200 million NTD and illegal profits reaching 20 million NTD. The police remind that individuals and studios that have not registered as currency exchange operators are illegal and may face imprisonment of up to 2 years and a fine of 5 million NTD.

ChainCatcher news, according to Jinshi reports, the chairman of the financial regulatory authority in Taiwan, Peng Jinlong, stated that he adopts a cautious and friendly attitude towards the virtual asset market. The draft of the special law on virtual assets has been completed and will soon enter the public hearing process. The draft of the special law on virtual assets will be submitted to the administrative management agency of Taiwan before June 30 this year.

ChainCatcher news, the HashKey Gala Day co-hosted by HashKey Global and Blocktempo was held today during Taiwan Blockchain Week, featuring the Taiwan premiere of the documentary "Vitalik: The Story of Ethereum."Tim Xing, Board of Director of HashKey Global, and Francis Li, Head of Architect of HashKey Chain, along with well-known local professors, prosecutors, and lawyers attended the event and shared important stories about HashKey and the early development of Ethereum.HashKey executives stated that the team became aware of the Ethereum project in 2014 and funded the Ethereum Foundation with $500,000 in 2015 to help address cash flow issues at the time. This crucial funding played an important role in the timely launch of the Ethereum mainnet, becoming a legendary chapter in blockchain history.The event also featured the first screening of the documentary "Vitalik: The Story of Ethereum" for the Taiwanese community. This film chronicles the journey of Vitalik Buterin and the Ethereum community in their fight for an open internet. Notably, this documentary completed the largest crowdfunding in blockchain history in 2021, raising 1,036 Ether, providing ample budget support for the film's production.

ChainCatcher message, Binance announced that in order to comply with the new amendment to Taiwan's anti-money laundering law effective on November 30, 2024, all merchants in the New Taiwan Dollar (TWD) market, including cash merchants, who have not obtained P2Pro certification (approved by the Financial Supervisory Commission of Taiwan for anti-money laundering compliance) will have their advertisements removed from Binance P2P's TWD market on November 29, 2024. Affected merchants are prohibited from posting any advertisements related to the New Taiwan Dollar or providing services for buying and selling New Taiwan Dollars and virtual assets on the platform.Binance urges all affected merchants to raise awareness and plan ahead, applying for anti-money laundering registration with the FSC starting from November 30, 2024, and applying for P2Pro merchant status after obtaining approval.

ChainCatcher news, the Financial Supervisory Commission (FSC) of Taiwan will implement new anti-money laundering (AML) rules on November 30, a month earlier than initially planned, as the regulator accelerates its anti-fraud efforts.The new rules require crypto service providers, such as cryptocurrency exchanges, to complete AML compliance registration. Non-compliance may result in penalties, including up to two years of imprisonment and fines of up to 5 million New Taiwan Dollars (approximately 153,700 USD).In a statement on Wednesday, the FSC indicated that overseas "virtual asset service providers" (VASP) must establish a company or branch in accordance with Taiwanese company law and complete the necessary AML registration before conducting business in Taiwan. These new regulations were introduced following amendments to the law in July.

ChainCatcher news, according to CNA, Taiwan's "Legislators" today expressed concern over the taxation of cryptocurrency in Taiwan. The Minister of Finance, Chang Tsui-yun, stated that profits from related transactions will be subject to income tax, and further discussions will be held regarding the auditing process; the Director of the Taxation Administration, Song Hsiu-ling, mentioned that the tax department currently has auditing tools available to examine the trading situation of digital goods and promised to discuss the taxation methods related to cryptocurrency trading profits within three months.

ChainCatcher News, Taiwan's "Financial Supervisory Commission" department head Huang Xi and Zhou stated at a fintech conference in Taipei on Monday that the Financial Supervisory Commission will require "virtual asset service providers" to complete compliance registration, with new rules set to take effect in January 2025. Non-compliance may result in criminal penalties, including up to two years of imprisonment.Mr. Huang indicated that with the new rules on the horizon, regulators aim to strengthen scrutiny in key areas, including fiat currency custody, information security, customer complaint handling procedures, record-keeping, and information disclosure. Mr. Huang pointed out that there will be stricter reviews of the listing and delisting of crypto assets. Cryptocurrency exchanges must establish clear procedures for the listing and delisting of crypto assets and take measures to prevent unfair trading and detect abnormal prices and trading volumes.In addition to introducing new compliance registration rules, the Financial Supervisory Commission is also drafting a special legal proposal specifically targeting crypto assets. Financial Supervisory Commission Chairman Peng Jinlong stated today at the forum that the regulatory body is making progress and plans to submit the legal proposal to Taiwan's highest administrative authority, the Executive Yuan, in June 2025.

ChainCatcher news, according to PCHOME, Taiwan's "Financial Supervisory Commission" plans to launch a pilot program for virtual asset custody services, with three banks already expressing interest in applying. It is reported that the service may start as early as the first quarter of 2025, targeting virtual asset exchanges and professional institutional investors. Hu Zehua, Director of the Comprehensive Planning Department of the Financial Supervisory Commission, stated that applying institutions need to provide detailed descriptions of the types of virtual assets to be custodied, such as Bitcoin, Ethereum, etc.The Financial Supervisory Commission will pay special attention to the security of the business and the implementation of anti-money laundering measures. This move aims to promote financial innovation and lay the foundation for the upcoming special law on virtual assets. It is expected that by the end of this year, the Financial Supervisory Commission will introduce a draft of the relevant special law to provide a clear development framework for the virtual asset industry.

ChainCatcher News, Taiwan's "Financial Supervisory Commission" announced the opening of foreign virtual asset ETFs for professional investors through a discretionary investment method. Qualified professional investors include: professional institutional investors, high-net-worth institutional investors, high-asset clients, legal entities or funds that qualify as professional investors, and natural persons who qualify as professional investors.To ensure that investors have sufficient investment experience and knowledge, securities firms must establish a comprehensive suitability assessment system when providing virtual asset ETF services, which must be reviewed and approved by the board of directors. Before a client purchases a virtual asset ETF for the first time, the securities firm must assess whether the client has relevant investment experience and professional knowledge to ensure the suitability of the client's investment risk.In addition to professional institutional investors, other investors must sign a risk disclosure statement before their first purchase of a virtual asset ETF. Securities firms must provide relevant product information to investors before accepting their first purchase of a virtual asset ETF to assist investors in fully understanding the characteristics and related risks of the virtual asset ETF they are investing in.

ChainCatcher news, according to China News Network, the Yunlin District Prosecutor's Office in Taiwan recently cracked a fraud case, with the victims losing more than 134 million New Taiwan dollars (approximately 4.2 million US dollars). It is reported that last July, the police arrested a 30-year-old "runner" (referring to someone who specifically helps fraudsters withdraw scam funds) named Chen, who was suspected of committing fraud using virtual currency. Subsequently, another 28-year-old "runner" named Chen was arrested, and the local court approved a request for detention.The prosecution stated that it was discovered that the involved "runner" named Yu was a member of the Bamboo Union's Mingren Society, and his superior, Wu, led dozens of Taiwanese "runner" groups, having managed more than 40 virtual currency wallets. The prosecution indicated that more than 20 searches were conducted throughout the case, seizing over 90 million dollars in cash and virtual currency worth more than 50 million dollars. A total of 33 individuals involved in the case were prosecuted for crimes including fraud, leaking secrets, forgery, and money laundering.

ChainCatcher news, according to a report from Reference News Network, the Changhua police announced on the 10th that they have cracked a fraud group led by a man with the surname Lin. This group conducted scams using virtual currency, and after investigation, it was found that 68 people were defrauded, with a total amount of approximately 100 million New Taiwan dollars (1 New Taiwan dollar is about 0.22 Chinese yuan). Nine members of the fraud group have been transferred to the Changhua District Prosecutor's Office for investigation, and two individuals, including Lin, have been approved by the prosecutor to be detained and prohibited from meeting.Zhang Anjin, the deputy captain of the Criminal Investigation Brigade of the Changhua County Police Bureau, stated during a media interview that in September 2023, a man with the surname Zhan went to the police station to report that he had been lured by an online acquaintance to join a social media investment group, where he was required to meet in person to purchase virtual currency with cash, and then transfer the virtual currency to a wallet address provided by customer service personnel of the investment platform. When Mr. Zhan was about to withdraw cash, he was told that he needed to reinvest 10% of the profits as a "tax" in order to withdraw the cash. He realized he had been scammed after losing 3.4 million New Taiwan dollars and reported it to the police.

ChainCatcher news, according to a report from the People's Political Consultative Conference website, China News Service disclosed through Taiwanese media that a couple with the surname Li in Taichung is suspected of laundering money for multiple gambling groups, with the amount involved exceeding 1.6 billion New Taiwan dollars. The entire case has recently been prosecuted for money laundering and other crimes.Last September, the police uncovered a gambling operation disguised as an advertising company. An analysis of the seized evidence revealed that a 30-year-old man with the surname Li and his wife are suspected of laundering money for about seven gambling groups. Over the course of more than a year, the money laundering operation, under the guise of "high salary, easy work, no experience required," recruited members around the age of 20 and dispersed them to hide. They communicated daily through messaging apps to launder money, creating investigative breakpoints, and used virtual currency to quickly transfer illegal profits.The police revealed that they have currently transferred Li and others to the Taichung District Prosecutor's Office for investigation based on violations of the "Organized Crime Prevention Act" and gambling-related crimes, and have seized properties, including houses owned by the Li couple, totaling over 73.2 million New Taiwan dollars in illegal profits.

ChainCatcher news reports that Taiwan's "Legislative Yuan" yesterday passed the amendments to the Money Laundering Prevention Act in the third reading, officially bringing businesses or individuals providing virtual asset services and third-party payment services under regulatory control. In the future, these service providers must complete money laundering prevention and service capacity registration or login, otherwise they will face a maximum of 2 years of imprisonment or a fine of up to 5 million New Taiwan Dollars.This amendment also revised the penalties for general money laundering offenses. The third reading stipulates that anyone involved in the acts listed in Article 2 of the Money Laundering Prevention Act will be sentenced to imprisonment for not less than 3 years and not more than 10 years, and fined up to 100 million New Taiwan Dollars. If the value of the laundered property or benefits does not reach 100 million, the offender will face imprisonment for not less than 6 months and not more than 5 years, and a fine of up to 50 million New Taiwan Dollars. Attempted offenses are also punishable.

ChainCatcher News, Taiwan has established a prototype platform for central bank digital currency. The Central Bank of Taiwan will continue to research and develop central bank digital currency, planning to hold multiple hearings and forums next year. Reports indicate that the central bank has developed a CBDC prototype platform with a two-tier issuance structure. The initial CBDC will not accrue interest, and the CBDC wallet may include both anonymous and registered types.

ChainCatcher news, the latest "List of Virtual Currency Platform Operators that Have Completed Compliance with Anti-Money Laundering Regulations" published on the website of the Financial Supervisory Commission of Taiwan, has appointed Lin Zhi-Chen, the general manager of the major telecommunications company Taiwan Mobile, as the person in charge. "Fu Sheng Digital Co., Ltd.", represented by Taiwan Mobile as the legal entity, has become the 26th VASP (Virtual Asset Service Provider) in Taiwan and has naturally become a member of the VASP association.

ChainCatcher news, according to The Block, Taiwanese law enforcement has transferred the famous Taiwanese singer Chen Zhihao (stage name Nine Chen) to the Taipei District Prosecutors Office due to his alleged involvement in a fraud case related to the Hong Kong JPEX trading platform, with charges of serious fraud and violations of banking laws.It is reported that as of July 7, 2023, the singer has released 9 studio albums and 1 digital album. He is currently the host of "Entertainment 100%" and a member of the duo "Jiu Ze CP" and the boy band "Wu Jian Qing".

ChainCatcher news, according to Bloomberg, the new chairman of the Financial Supervisory Commission (FSC) in Taiwan, Peng Jinlong, stated that in order to expand the financial industry's share in Taiwan's economy, the FSC plans to relax regulations related to the use of financial products.In addition, the FSC plans to release a briefing in July on the relaxation of regulations for fintech innovation businesses, and will complete the draft of virtual asset management rules by December, while considering allowing investments in overseas Bitcoin ETFs.