{"id":13371,"date":"2024-05-09T15:20:04","date_gmt":"2024-05-09T12:20:04","guid":{"rendered":"https:\/\/forklog.com\/en\/taiwan-enforces-prison-sentences-for-cryptocurrency-based-money-laundering\/"},"modified":"2024-05-09T15:20:04","modified_gmt":"2024-05-09T12:20:04","slug":"taiwan-enforces-prison-sentences-for-cryptocurrency-based-money-laundering","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/taiwan-enforces-prison-sentences-for-cryptocurrency-based-money-laundering\/","title":{"rendered":"Taiwan Enforces Prison Sentences for Cryptocurrency-Based Money Laundering"},"content":{"rendered":"<p>Individuals using digital assets for money laundering in Taiwan now face prison terms ranging from six months to five years, as stipulated by new anti-fraud legislation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">According to ABMEDIA, Taiwan has recently passed new regulations. Any cryptocurrency service provider that fails to complete money laundering prevention registration will face up to 2 years in prison. Those who use virtual asset accounts as money laundering tools could face a\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1788491840641204486?ref_src=twsrc%5Etfw\">May 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The package includes:<\/p>\n<ol class=\"wp-block-list\">\n<li>The Fraud Prevention and Control Act.<\/li>\n<li>The Anti-Money Laundering Act.<\/li>\n<li>The Technology Investigation and Protection Act.<\/li>\n<li>The Communications Protection and Supervision Act.<\/li>\n<\/ol>\n<p>According to the documents, local and foreign <span data-descr=\"virtual asset service provider\" class=\"old_tooltip\">VASP<\/span> must obtain <span data-descr=\"anti-money laundering\" class=\"old_tooltip\">AML<\/span> registration. Executives of organizations violating this requirement face up to two years in prison.<\/p>\n<p>Using virtual asset accounts and third-party payment accounts for money laundering will result in penalties ranging from six months to five years in prison and fines up to 50 million <span data-descr=\"Taiwanese dollar\" class=\"old_tooltip\">TWD<\/span> ($1.54 million).<\/p>\n<p>The <span data-descr=\"Financial Supervisory Commission of Taiwan\" class=\"old_tooltip\">FSC<\/span> will begin acting as the supervisory authority.<\/p>\n<p>It is reported that 25 local trading platforms have already submitted applications to comply with the specified requirements.<\/p>\n<p>In April 2024, the Taipei District Prosecutor&#8217;s Office <a href=\"https:\/\/forklog.com\/en\/news\/taiwanese-prosecutors-seek-20-year-sentence-for-ace-exchange-founder\">sought 20-year sentences<\/a> for four main suspects in a fraud and money laundering case involving the cryptocurrency exchange ACE Exchange.<\/p>\n<p>In January, Taiwanese police <a href=\"https:\/\/forklog.com\/en\/news\/founder-of-ace-exchange-arrested-in-taiwan-for-alleged-fraud\">arrested David Pan<\/a> and 14 accomplices on suspicion of promoting worthless digital assets, causing damages exceeding $32.3 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Individuals using digital assets for money laundering in Taiwan now face prison terms ranging from six months to five years, as stipulated by new anti-fraud legislation. According to ABMEDIA, Taiwan has recently passed new regulations. Any cryptocurrency service provider that fails to complete money laundering prevention registration will face up to 2 years in prison. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,36,1203],"class_list":["post-13371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-regulation","tag-taiwan"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13371"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13370"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}