Taiwan Cabinet Proposes Law to Make Unlicensed Cryptocurrency Trading a Criminal Offense

The Executive Yuan has proposed amendments that would classify unauthorized operation of virtual assets as a crime punishable under anti-money laundering laws. In recent years, virtual assets have rapidly grown and become an integral part of the financial market. However, the unauthorized operation and issuance of stablecoins have raised concerns among regulatory authorities. To enhance crime-fighting and maintain financial order, the Executive Yuan has decided to pass related amendments, listing the unauthorized operation of virtual assets and issuance of stablecoins as a specific crime category under the anti-money laundering law. This means that if subsequent money laundering activities are found after a related crime, they can be punished under the anti-money laundering crime.

Under this amendment, the Executive Yuan considers the unauthorized operation of virtual assets and issuance of stablecoins as a specific crime category under the anti-money laundering law. This means that if subsequent money laundering activities are found after a related crime, regulatory authorities can apply anti-money laundering penalties. The amendment aims to strengthen supervision over virtual assets, preventing unauthorized operation and issuance of stablecoins from having a negative impact on the financial market.

The regulatory supervision of virtual assets is still a contentious issue. Some regulatory authorities believe that unauthorized operation and issuance of stablecoins should be strictly regulated, while others argue that the regulation of virtual assets should be more lenient to encourage innovation and development. The Executive Yuan's amendment aims to strike a balance between these two views, strengthening supervision over virtual assets and preventing unauthorized operation and issuance of stablecoins from having a negative impact on the financial market.

As part of this amendment, the Executive Yuan will establish a special committee to oversee the unauthorized operation of virtual assets and issuance of stablecoins. This committee will be responsible for monitoring virtual asset market activities to ensure that all activities comply with the law. The committee will also provide recommendations and opinions to help the Executive Yuan make better decisions.

Additionally, the Executive Yuan will increase education and training on virtual assets. This education and training will help financial industry professionals and other relevant personnel understand the regulatory requirements and related risks of virtual assets. This education and training will help prevent unauthorized operation and issuance of stablecoins from having a negative impact on the financial market.

In summary, this amendment aims to strengthen supervision over virtual assets and prevent unauthorized operation and issuance of stablecoins from having a negative impact on the financial market. The Executive Yuan's amendment will help maintain financial order and prevent crime.