Taiwan Crypto Laundering

Taiwan's law enforcement uncovered the region's largest cryptocurrency money laundering case, involving 324.2 million USDT.

According to a Chinese news media, the operation led to the arrest of a suspect named Chiu, along with three others, who were alleged to be involved in the laundering of the massive sum linked to an investment fraud case from October 2022.

With the assistance of a small team, Qui orchestrated the conversion of the funds into cryptocurrency assets, reaping a 1% profit on each transaction as part of the laundering process. This criminal operation spanned multiple nations in Southeast Asia, including Hong Kong, Malaysia, and the Philippines.

The total tally involved 2,166,177 unlawfully acquired Tether coins, equating to a market value of 70 million yuan, which is approximately $2.2 million.

On 13 June, authorities arrested Qui, while the implicated individuals are set to confront charges as accomplices in cases of fraud and money laundering.

Taiwan Special Crypto Law

With the increasing prominence of crypto in Taiwan, the country has put forward a regulatory law to oversee the industry.

The proposed crypto law, initiated by Chiang Yung-Chang, a member of the Legislative Yuan, and a group of 16 legislators, mandates that all crypto platforms in Taiwan must seek a permit for their operations.

Failure to comply could lead to regulatory orders for the cessation of activities.

Currently, Taiwan mandates that virtual asset service providers adhere to anti-money laundering regulations following the introduction of these rules by the FSC in July 2021.

Nevertheless, the crypto industry in Taiwan largely operates without extensive regulation.