The Financial Supervisory Commission emphasizes that "Taiwan's exchange must thoroughly investigate money laundering" and expand financial inspections; the association urges compliance with regulations.

Recently, there have been reports of fraud and money laundering cases on local exchanges in Taiwan, and the Financial Regulatory Commission and the Virtual Currency Operators Association have successively spoken out to re-investigate. (Summary: The amount of fraud involved in the local exchange "Binxiang Technology" exceeded 100 million, and 3 people including the person in charge were ruled to be detained) (Background supplement: XREX The two founders were involved in money laundering of NT$410 million, why was the prosecution delayed? Recently, the exchange "Qixiang Technology", Taiwan's largest chain of physical stores, was shocked to report that it was suspected of colluding with fraud groups to launder money, which has aroused great concern from the FSC. The FSC announced at a regular press conference on the 1st that it will fully expand the financial inspection of virtual asset service providers (VASPs) this year. Guo Wenlong, deputy director of the Inspection Bureau of the 12 VASP Financial Control Commission, clearly pointed out at the regular press conference that following the completion of the financial inspection of 10 VASP operators last year (from the beginning of 112 to the end of 113), the project financial inspection will be carried out for another 12 operators this year, and it is planned to complete all the inspection work before the end of the year. The expansion of the financial inspection is larger than in the past, showing the determination of the competent authorities to strengthen supervision. It is worth noting that Peng Jinlong, chairman of the Financial Regulatory Commission, said a few days ago that the coin technology involved in the case had been sent to inspect on April 28, so it was not included in the list of these 12 companies. Guo Wenlong further explained that as of the end of March this year, 21 of the 26 companies that had previously made a declaration of compliance with the Money Laundering Prevention Law had re-applied to the FSC. The 12 businesses expected to be inspected this time are mainly those that have not yet undergone the financial inspection and newly registered. The focus of this VASP project financial inspection will focus on five core areas: Anti-Money Laundering (AML): Check whether the industry has effectively implemented the money laundering prevention regulations. Countering the Financing of Terrorism (CFT): Assesses the measures taken by the industry to prevent the financing of terrorist activities. Counter-Weapons Proliferation (CPF): Checks whether nuclear companies comply with regulations to prevent the financing of the proliferation of weapons of mass destruction. Consumer protection: Check whether the protection mechanism for customers' rights and interests is perfect. Fraud prevention measures: Assess the ability of operators to prevent and deal with fraud incidents. The FSC emphasised that all businesses engaged in virtual asset business in Taiwan are required to register with the FSC for compliance with the Money Laundering Prevention Act. Chairman Peng Jinlong also previously said that after the Binxiang Technology incident, the relevant licenses and operating qualifications of VASP will be more strictly reviewed in the future, in order to improve market order and reduce related financial risks. Virtual Currency Association Statement Today (2) the Virtual Currency Association of the Republic of China also publicly stated on this matter: In response to the recent VASP member news incident that has aroused social concern, the association feels a heavy responsibility, we always promote the healthy development of the industry and protect the rights and interests of users as the primary goal, and urge member companies to implement self-discipline, cooperate with supervision, abide by anti-money laundering and combating terrorist financing, virtual currency related laws and regulations, and actively cooperate with national anti-fraud policies. The Association will continue to work closely with the competent authorities to establish a more sound regulatory system, hoping to enhance the public's confidence and trust in the emerging industry of virtual currency, encourage innovation, and strive to create a safe, transparent and trustworthy industrial environment. Related reports ACE Ace Exchange Announcement: Due to the failure to complete the registration of "stop VASP business", users cannot get creditors and are ready to sue New regulations of the FSC: 70~80% of VASP customer assets in Taiwan must be stored in cold wallets 〈The FSC stressed that "Taiwan exchanges should thoroughly investigate money laundering" and expand financial inspection; The guild urges cooperation with regulation This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".