Franklin

2024

Taiwan is becoming more strict with crypto service providers that are disobedient to anti-money laundering (AML) regulations. The Ministry of Justice suggests amendments which might lead to fines of up to $1.5 million&nbsp;and&nbsp;5 year imprisonment on the companies that don’t stick to the rules. 
The proposed changes have been developed to minimize instances of fraudulent use, money laundering, and cybercrime. Notably, there will be a registration requirement for crime-prevention registration against the money launderers for VASPs. A failure to do so may turn into criminal charges.&nbsp; 
This <a href="https://drive.google.com/file/d/1p17RulXaYVSv1xkTe9bpltQ8jmHvVVOn/view" target="_blank" rel="noopener">move</a> comes amidst the increasing concerns about crypto related fraud and Money Laundering claims. Taiwan’s Financial Supervisory Commission (FSC) had stated their intention to regulate the digital currency space by September of 2024 as part of their regulatory plan. 
Taiwan’s legislation to punish money laundering of crypto firms via criminal procedure is a major step towards extreme regulation in the sector. This might bring into existence a trusted crypto space and encourage more investments, but also make sure that the regulations are balanced and are not too tight to discourage innovation. 
Also Read:<a href="https://www.cryptotimes.io/2024/05/10/base-emerges-as-leader-in-socialfi-according-to-franklin-templeton/">Base Emerges as Leader in SocialFi According to Franklin Templeton</a>

Taiwan Cracks Down on Crypto with Jail Terms for AML Violations

The Crypto Times

Các bài viết khác được xuất bản trên 10 thg 5, 2024

Crypto Airdrop: 10 million BEE tokens to be won with Globees!

SBI, Chiliz Plan Sports Token Venture in Japan

Ekosistem Shiba Inu Melesat Bersama Para Bull, Siap Naik Lebih Tinggi?

BlockDAG's Explosive $23.9M Presale Shocks Crypto World, Leaves NuggetRush Trailing Behind

Toncoin skyrockets 15% amid choppy market, Here’s why

Jack Dorsey Predicts Bitcoin to Reach At Least $1 Million by 2030

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!