A Taiwanese man, Rui-Siang Lin, who was prosecuted by the US for leading the Dark Web drug trading platform "Incognito Market", has pleaded guilty in the US Federal Court by the end of last year. According to recently released court documents, he agreed to forfeit assets totaling up to $105 million (approximately NT$3.3 billion), including virtual currencies, Non-Fungible Tokens, cold wallets, and balances in multiple cryptocurrency exchange accounts.
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ToggleUS Government Discloses Details of Virtual Asset Management
(The rest of the translation follows the same pattern)ToggleFinancial Regulators Require Traceable Fund Flow Records, Industry Association Responds Comprehensively
According to the recently strengthened policies by the financial regulators, virtual asset trading activities must ensure traceability of fund flows to comply with anti-money laundering and counter-terrorism financing regulations. The Taiwan Virtual Currency Industry Association stated that they have notified all members to emphasize using payment channels with complete fund flow recording capabilities, such as bank transfers or other payment tools that can preserve data, when conducting financial transactions with users.
(Taiwan VASP Ban on Cash Transactions? Absurd Reporting Triggers Community Misunderstandings, Media Professionals Point Out Five Contradictions and Call for Self-Restraint)
Convenience Store Recharge Mechanism Has Regulatory Loopholes, Two Major Platforms Suspend Usage
Regarding the current practice of some trading platforms still allowing account top-ups through convenience stores, the industry association pointed out that this mechanism still has monitoring gaps and has not met the traceability standards required by financial supervision.
Therefore, two major member companies: Bito Technology Co., Ltd. and Modern Wealth Technology Co., Ltd. (Maicoin) have proactively announced the immediate suspension of value-added services through convenience stores. Detailed adjustments and subsequent measures will be announced separately by each platform through their official websites.
Maintaining Market Order, Industry Association Emphasizes Continuous Cooperation with Regulatory Authorities
The industry association emphasized that they will continue to maintain close communication with regulatory authorities such as the financial regulators, regularly reviewing the implementation effectiveness of preventive measures. The association also reiterated that this series of policies and self-regulatory actions aim to enhance the industry's defense against financial crimes and fraud, ensuring the safety and stable development of Taiwan's virtual currency market.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
