Taiwan outlines new rules for breaking crypto rules

Taiwan is tightening the noose on crypto investors and crypto users who may be using the blockchain currency to skirt laws or avoid paying taxes

The Taiwanese government is cracking down on crypto service providers and consumers who may be breaking anti-money laundering rules. The government’s Ministry of Justice is primarily targeting bad actors in the industry. Still, it is also taking a look at consumers who may be breaking laws, using crypto to perpetuate their misdeeds.

The Ministry of Justice now wants to put new punishments in place that will see a 5-year prison sentence and fines of up to $1.5 million for any party found to violate the rules. The Financial Supervisory Commission has welcomed these proposed rules, as the country has been seeing an increase in the instances of crypto-related fraud and other money laundering offenses.

The decision to act against operators facilitating such operations is intended not to stifle the sector, but to ensure that consumers are protected. Asia has been increasingly gung-ho in crypto, with law enforcement going after individual exchanges and restricting their operations.

Earlier this year, Do Kwon, the wanted boss of the bankrupted TerraLabs platform, was fighting an extradition request from the US government, preferring to be released into the custody of his native South Korea’s prosecutors’ office instead. South Korea has been similarly active in cracking down on crypto fraud.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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