Bitcoin

Million

Billion

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">The Taiwan government and prosecutors are <a aria-label="adopting measures (opens in a new tab)" href="https://www.chinatimes.com/cn/newspapers/20230704000373-260118?chdtv" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">adopting measures</a> to tackle the growing use of digital assets for bribes as the country awaits the 2024 presidential election. Taiwan’s officials said bribery methods have been changing recently, moving away from cash-based transactions toward digital means of payment, including cryptocurrencies.</p> 
<h3 id="taiwan-reports-172-million-in-bribes-between-2000-and-2023">Taiwan Reports $172 Million in Bribes Between 2000 and 2023</h3> 
<p>The Taiwanese authorities have identified significant digital assets, including Bitcoin and Ethereum, among assets that can be used for bribery. As such, the government said it is taking steps to eliminate such threats ahead of the upcoming presidential elections next year.</p> 
<p>Over the years, popular bribery methods have been changing, shifting away from traditional cash-based payments, the authorities said. Apart from popular cryptocurrencies, several third-party digital payment platforms have emerged as widely-used alternatives, including Pi Wallet, Line Pay, Oufubao, and Jiekou Payment.</p> 
<p>According to local reports, the authorities have confirmed bribery cases of more than 1.25 billion yuan ($172.5 million) in the period between 2000-end and May 2023. Specifically, around 50 million yuan of this bribe was documented as a bonus during the municipal elections 2022. Further, the Taiwanese prosecutors said they had prosecuted 1,335 cases associated with bribery during last year’s elections.</p> 
<p>Several years ago, the New Power Party (NPP), one of the biggest political parties in Taiwan, was <a aria-label="embroiled in a corruption and bribery scandal (opens in a new tab)" href="https://thechinaproject.com/2020/08/25/in-taiwan-a-corruption-scandal-rocks-its-political-landscape/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">embroiled in a corruption and bribery scandal</a>. One of NPP’s top former officials was accused of accepting illegal campaign donations from a businessman in exchange for political favors. The scandal tarnished the NPP’s image and led to investigations into the party’s finances and political practices.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="illicit-use-of-crypto-hit-20-billion-in-2022">Illicit Use of Crypto Hit $20 Billion in 2022</h3> 
<p>In recent years, cryptocurrencies have become an increasingly popular payment method for <a href="https://tokenist.com/chinese-fentanyl-precursor-suppliers-received-27m-in-crypto-report/" rel="dofollow" class="deco-link">funding illegal activities and crimes</a>. Due to their decentralized nature, it is more difficult to trace the flow of crypto funds, making these assets suitable for financing illicit activities such as <a href="https://tokenist.com/coinbase-terrorist-financing-comprises-0-05-of-illicit-crypto-activity/" class="deco-link">terrorism financing</a>, <a href="https://tokenist.com/europol-seizes-53m-in-crypto-and-fiat-arrests-288-in-dark-web-operation/" rel="dofollow" class="deco-link">dark web market transactions</a>, and ransomware payments.</p> 
<p>In particular, the illegal use of cryptocurrencies <a href="https://www.reuters.com/business/finance/crypto-crime-hits-record-20-bln-2022-report-says-2023-01-12/#:~:text=Even%20as%20overall%20crypto%20transaction,year's%20illicit%20activity%2C%20Chainalysis%20said." target="_blank" aria-label="surged to a record high of $20.1 billion (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">surged to a record high of $20.1 billion</a> in 2022 as the number of transactions involving sanctioned companies increased significantly, a report by blockchain analytics platform Chainalysis showed earlier this year. To be more specific, transactions associated with entities sanctioned by the US soared over 100,000-fold in 2022, accounting for 44% of last year’s illicit transactions.</p> 
<p>However, it is essential to note that while cryptocurrencies have been used for funding illegal activities, they still represent a relatively small portion of the overall crypto volume. It is crucial to avoid generalizing and acknowledge that any form of financial asset, including cash, can be misused for illicit purposes, and most crypto users engage in legitimate transactions.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think cryptocurrencies will be used more or less for funding illegal activities in the future? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/taiwan-to-stay-vigilant-on-digital-asset-bribes-as-2024-elections-approach/">Taiwan to Stay Vigilant on Digital Asset Bribes as 2024 Elections Approach</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Taiwan to Stay Vigilant on Digital Asset Bribes as 2024 Elections Approach

目录

Tokenist

发布于 2023年7月5日的其他文章

Monetary Authority of Singapore Announces New Crypto Investor Protections

The Crypto Weekly Roundup: Our Expertise Combined With AI

Ethereum Gains Momentum: Surging Towards $2,000 Resistance

Multi-million Dollar Penalty for Citizens Bank Amidst Serious Allegations

Crypto News: Bitcoin’s Correlation with Nasdaq and S&P 500 Hits Lowest Level Since July 2021

Polygon Bags Its Second Partnership With the Indian Government

订阅我们免费的电子期刊，获取每日最新加密领域动态！