Regulators in Taiwan are reportedly planning a trial run of crypto custody services in local banks next year. According to a new report by the Central News Agency (CNA), a media outlet backed by the government of Singapore, Taiwan’s Financial Supervisory Commission (FSC) is planning on letting banks trial digital asset custody services starting Q1 […]
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Pear Protocol founder HUF says “a limited pool of capital constantly rotating between narratives” is a clear sign of “late cycle behavior.”
Global markets blew up over the weekend, and the onslaught carried on throughout the trading day on Aug. 5 as the DOW and S&P 500 dropped by more than 1,000 points and Bitcoin (BTC) price fell below $49,000. Japan’s Nikkei 225 index saw its worst one-day correction since October 1987, and the sell-off in Taiwan’s benchmark stock index was the worst trading day in 57 years.
Nearly all markets closed Aug.5 in the red, and while it seems too early to conclude that the selling is over, traders are likely wondering whether or not it’s time to start thinking like a contrarian and handpicking assets at a discount?
To discuss what’s happening in this week’s volatile market, Cointelegraph spoke to Huf, the founder of Pear Protocol, a decentralized exchange that allows traders to engage in trending narratives via pair trading.
The company is now worth more than Broadcom and closing in on Meta.
Taiwan Semiconductor Manufacturing Company Limited, more commonly known as TSMC, became the first Asian firm to reach a market capitalization of more than a trillion dollars as it briefly surpassed Berkshire Hathaway on June 20 to become the eight most valuable company in the world.
The company’s quiet rise comes on the wings of its massive portfolio of tech and manufacturing giants who source its semiconductors.
TSMC is the world’s largest semiconductor manufacturer. Its top customers include Apple, AMD, Intel, Nvidia, Intel, and Qualcomm. However, Apple is by far its largest client, thanks to the use of TSMC semiconductors in iPhones, accounting for around a fifth of its total revenue.
Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.
Taiwan wants to amend its Anti-Money Laundering (AML) regulations to combat fraud and AML measures for virtual asset service providers (VASPs).
Taiwan’s Ministry of Justice has proposed amendments to existing AML laws that could impose jail terms of up to two years for noncompliant firms and fines of up to $1.5 million. The proposed amendments will be sent to Taiwan’s national parliament, the Legislative Yuan, for review.
The “New Four Laws to Combat Fraud” was proposed by Taiwan’s Executive Yuan. The amendments aim to strengthen the crackdown on fraud and strictly regulate money laundering prevention measures for crypto service providers.
Authorities in Taiwan are reportedly accusing crypto exchange executives and dozens of others of running a multimillion-dollar crypto scam. According to a new report by the Taipei Times, prosecutors are charging 32 people with fraud allegedly related to the ACE crypto exchange, recommending 20-year sentences for the four operators of the trading platform. Those arrested […]
The post Crypto Exchange Executives and 29 Other People Accused of Running $24,560,000 Fraud Scheme in Taiwan: Report appeared first on The Daily Hodl.
According to the prosecutors, the increased scale of the losses justifies the sentence recommendation.
Prosecutors in Taiwan are recommending a minimum 20-year prison sentence for the four main suspects in the fraud and money laundering case related to the cryptocurrency trading platform ACE Exchange.
According to a local news report, the Taipei District Prosecutors’ Office indicted 32 people on fraud and money laundering charges, including ACE Exchange founder David Pan, his business partner, Lin Keng-hong, and prominent attorney Wang Chen-huan, who served as chairman of the exchange.
The prosecutors now believe that over 1,200 individuals were deceived, resulting in an estimated total loss of 800 million New Taiwan dollars (US$24.56 million). This is an increase from the previous estimated loss of 340 million New Taiwan dollars ($10.6 million).
The government of Taiwan has acknowledged the cooperation Binance has offered to domestic law enforcement agencies. According to local reports, Binance is the only offshore exchange that assists the government in dealing with virtual asset fraud cases, allowing authorities to access the accounts involved in these actions and deposit the assets derived from these schemes. […]
A central bank official spoke about ongoing CBDC research and other payment modernization Taiwan is exploring.
Taiwan’s central bank has completed a feasibility study of wholesale central bank digital currency (CBDC) and is continuing to consider its introduction. The central bank is seeking feedback from business and academics and will continue to work on platform design, deputy governor Mei-lie Chu said on Dec. 7.
In a lengthy speech at an event for bankers, Chu outlined what she called Banking 4.0, or “services embedded in customers’ daily lives,” including the integration of artificial intelligence and advanced mobile and digital technology into banking. She devoted about half of her presentation to CBDC.
Chu referred to Bank for International Settlements research and said she saw the advantages of CBDCs and tokenization of real-world assets. Furthermore:
The Financial Supervisory Commission considers itself to be “in the exploratory phase” for crypto exchange-traded funds.
Taiwan’s principal financial regulator, the Financial Supervisory Commission (FSC), is considering allowing crypto exchange-traded funds (ETFs) in the country, but only after analyzing the product’s development in other markets worldwide.
According to a Dec. 5 report in the Taiwanese newspaper, the Commercial Times, the FSC is closely watching developments in the United States, where the Securities and Exchange Commission will review spot Bitcoin (BTC) ETFs in January.
The FSC also reportedly acknowledged the launch of numerous cryptocurrency futures commodities listed on the Toronto Stock Exchange, the New York Stock Exchange, the Nasdaq Exchange, the Chicago Board Options Exchange and the Hong Kong Stock Exchange, among others.
The FSC intends to gradually liberalize the rules for digital asset trading, but it should rely on “self-discipline and regulation.” According to the report, Taiwanese regulators have repeatedly blocked crypto ETF initiatives by local investment banks in recent years due to the high volatility of cryptocurrencies.
Cointelegraph reached out to the Financial Supervisory Commission for further information.
Related: Bitcoin ETFs, user experience will drive adoption — eToro CEO
Crypto regulatory developments have recently accelerated in Taiwan.
The exchange confirmed its chief operating officer’s brief relationship with an alleged money laundering group in a statement on Nov. 13.
Taiwanese cryptocurrency exchange Bitgin is under investigation by the country’s police force for money laundering. According to local news reports early this week, Yuting Zhang, the firm’s chief operating officer, was arrested by Taiwanese police for his alleged role in the “Eighty-Eight Guild Hall” money laundering incident.
Previously, Zhemin Guo and Chengwen Tu, two local businessmen, were accused by police of operating a multibillion-dollar money laundering scheme by using their foreign exchange offices and crypto exchange accounts to launder proceeds of crime obtained via wire fraud from overseas. Tu is also accused of defrauding the country’s tax authorities by claiming 300 million New Taiwan dollars ($9.28 million) in fraudulent export tax refunds through the overseas sale of video game credits.
Taiwan currently has no official licensing regime for cryptocurrency exchanges. In September, Bitgin, along with its industry peers, created the Virtual Asset Service Provider Preparatory Office for the purposes of self-regulation and lobbying of political officials. Regarding the incident, Yuling Tsai, general counsel of the Taiwan VASP Association, said:
“This time, a member of the preparatory group were involved in the investigation case. The preparatory group immediately held a meeting and issued a public response. The members involved in the case also took the initiative to suspend participation in the work of the preparatory group."
In a statement on Nov. 13, the exchange said that its operations “are normal and user rights will not be affected.” As told by Bitgin, chief operating officer Zhang was involved with firms of the Eighty-Eight Guild Hall money laundering incident from late 2021 to March 2022. However, Bitgin said that Zhang ceased all communications with the counterparties after discovering money laundering allegations.
“At present, Bitgin is fully cooperating with the investigating unit and actively providing all necessary assistance to ensure the smooth conduct of the investigation and hopes that the facts can be clarified as soon as possible.”
Related: Financial Supervisory Commission of Taiwan awards first securitized token license
