Taiwanese authorities have apprehended a 30-year-old man, recognized as Chen, for working as an unregistered digital forex vendor underneath newly enforced anti-money laundering laws.
Chen, primarily based in Kaohsiung, had been utilizing Fb teams to solicit cryptocurrency trades and prepare in-person transactions the place he exchanged Tether (USDT) for money.
Regardless of the brand new legislation, Chen reportedly accomplished lots of of transactions in lower than a month, promoting 400,000 USDT and profiting NT$800,000. Police arrested him on December 24 and seized computer systems, cell phones, money counters, and safes as proof.
This marks the primary case of its form because the Digital Asset Service Supplier registration system grew to become efficient on November 30, 2024, based on native media outlet The Liberty Occasions.
The system, mandated by the Cash Laundering Prevention Act, prohibits unregistered entities from providing digital asset providers.
Unregistered coin sellers
In a separate raid, authorities focused an unregistered “coin dealer studio” on Chengdu Street in Taipei. The operation, run by clerks surnamed Lin and Liu, was discovered to be promoting USDT at a ten% premium.
Investigations revealed that the studio generated over NT$200 million in gross sales final month, yielding a revenue of NT$20 million, or roughly $600,000. Workers on the studio had been reportedly paid NT$40,000 month-to-month.
The Monetary Supervisory Fee has emphasised that solely 26 registered entities are approved to supply digital asset providers. Participating in unlawful forex buying and selling can lead to penalties, together with as much as two years in jail or fines of as much as NT$5 million.
Authorities have elevated surveillance of on-line platforms to establish illicit operations and are urging the general public to transact solely with accredited suppliers.
