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Taiwans FSC opens investment channels for professional investors, allowing access to high-risk foreign digital asset ETFs while maintaining a cautious stance on market risks.
Taiwans FSC opens investment channels for professional investors, allowing access to high-risk foreign digital asset ETFs while maintaining a cautious stance on market risks.
Pear Protocol founder HUF says a limited pool of capital constantly rotating between narratives is a clear sign of late cycle behavior.
NVIDIA launches NIM microservices to support generative AI in Japan and Taiwan, enhancing regional language models and local AI applications. (Read More)
The Central Bank of the Republic of China mentioned handling government tenders through special purpose tokens to improve operational efficiency using smart contracts for bids and performance bonds.
Taiwans second-largest telecom has found a way into the crypto market, bring resources and experience with it.
Taiwan Mobile, the second-largest telecom operator in Taiwan, has applied for a license to operate as a Virtual Asset Service Provider (VASP). The Financial Supervisory Commission’s latest report lists Taiwan Mobile as the 26th VASP and includes a list of Virtual Currency Platform Operators compliant with Money Laundering Prevention Laws. Lin Zhichen, the company’s General […]
The post Taiwan Mobile’s VASP license bid aims to fuse digital assets with mainstream services appeared first on CryptoSlate.
The event offers opportunities for TON enthusiasts to learn more about the ecosystem and the emerging tap-to-earn games on Telegram.
The company is now worth more than Broadcom and closing in on Meta.
Over 15,000 attendees from more than 65 countries are expected.
Taiwan's cryptocurrency company, BitoGroup, has partnered with Far Eastern International Bank to introduce crypto-friendly bank accounts that integrate users' accounts with their cryptocurrency wallet to facilitate transactions. This collaboration aims to enhance theway clients transact digital wallets.
Linking Crypto and TradFi
According to the press release, this partnershipbridges the gap between traditional banking and cryptocurrency and offers usersa better and reportedly secure platform. This offering is a product of research and development conducted over a three-year period that saw the integration of the systems of both companies.
The new account can reportedly be linked to BitoPro's exchangeaccount and set up within about an hour. Positive feedback from the pilot phaserevealed a 25% increase in daily transaction amounts per user, indicatingstrong community support and interest.
By integrating traditional financial systems withcryptocurrency exchanges, BitoGroup aims to create a trustworthy and secureenvironment for transactions. The partnership is expected to spur furtherinnovations and enhance the flexibility of using both fiat and cryptocurrencies.
Besides that, BitoPro has collaborated with NewebTechnologies, Taiwan's largest third-party payment processor, to launch"BitoPay." This solution allows 300,000 merchants and millions ofusers to make payments using cryptocurrency, making it the most widely acceptedcrypto payment method in Taiwan.
VASP Association
The crypto industry in Taiwan is reportedly gainingtraction with the establishment of the Virtual Asset Service Provider (VASP)Association, where Titan Cheng, BitoGroup's founder and CEO, has been electedas the first Chairman. This collaboration betweencryptocurrency and traditional financial institutions seeks to gain the trustof regulatory authorities and strengthen the foundation of the crypto-financialsystem.
Last year, Taiwan's crypto industry created anindustry association in collaboration with its financial regulator. This movepreceded the release of the official guidelines for the sector. To expedite theprocess, nine cryptocurrency firms formed a working group, expressing theirintention to apply for the formation of an industry association by mid-Octoberlast year.
Since 2021, Taiwan has mandated VASPs to follow strictanti-money laundering laws provided by the Financial Supervisory Commission.However, beyond these AML regulations, the broader cryptocurrency industry inTaiwan has operated mainly without formal oversight. Thus, the FSC announced plans to provide comprehensiveguidelines about cryptocurrency trading and payments for VASPs last year.
This article was written by Jared Kirui at www.financemagnates.com.
Tether teams up with National Taipei University of Technology to enhance blockchain and digital asset education, aiming to equip students with vital skills. (Read More)
A man in Taiwan faces charges for using the crypto betting platform Polymarket to wager on the 2024 elections.
The association was formed after the countrys Justice Ministry proposed AML amendments for crypto firms that could result in penalties, including up to two years in prison.
Key Takeaways: Taiwanese lawmaker Ko Ju-Chun has publicly called for Bitcoin’s addition to Taiwan’s national reserves. The move comes at a time when the volatility of the New Taiwan Dollar is exacerbated by worldwide inflation pressure, in addition to increased geopolitical tensions. Ko stressed that Bitcoin, even though it is not considered currency under present […]
Taiwan Legislator Proposes Bitcoin Reserve for National Conference A member of the Taiwanese legislature recently advocated for the establishment of a Bitcoin reserve during a national conference. This initiative aims to utilize the leading cryptocurrency as a strategic asset for the country. The lawmaker highlighted the importance of incorporating Bitcoin into Taiwan’s financial system, emphasizing [...]
Taiwans Ministry of Justice proposed four amendments to the countrys AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.
Taiwanese hospitals are integrating NVIDIA's AI and robotics technologies, enhancing medical diagnostics and workflow efficiencies, according to NVIDIA. Top hospitals collaborate with system builders to tackle healthcare challenges. (Read More)
Foxconn and NVIDIA partner with Taiwan to build an AI factory supercomputer, enhancing AI infrastructure for researchers and industries. (Read More)
The Financial Crimes Compliance department of Binance haspartnered with Taiwans Ministry of Justice Investigation Bureau and the TaipeiDistrict Prosecutors Office to address a money laundering case involving 200million New Taiwan dollars ($6.2 million) in digital asset fraud.
Gathering Evidence in Crypto Fraud Case
An official statement revealed that the operation targetedcriminals who laundered illegal proceeds through cryptocurrency transactions.The perpetrators used fake remittance documents, counterfeit identification,and manipulated communication records to avoid detection by law enforcement.
With Binance's assistance, Lo Wei-yuan, a prosecutor in theTaipei District Prosecutors Office, was able to gather evidence against nineindividuals charged with money laundering, fraud, and organized crime.
In 2023, Binance applied to be registered under TaiwansFinancial Supervisory Commission (FSC) and Money Laundering Control Act. Theexchange has been acknowledged by local regulatory bodies for its cooperationin investigations into digital asset fraud.
Just in: #Binance teams up with Taiwans Ministry of Justice and Taipei Prosecutors to solve a $6M #crypto money laundering case. Their Financial Crimes Compliance teams expertise was key in catching the culprits. #CryptoNews #Blockchain pic.twitter.com/54reTah09I
Crypto Fusion (@cryptofusionorg) May 17, 2024Earlier, Binancecollaborated with Thai law enforcement to combat cryptocurrency scams,including a major "pig butchering" scam in Thailand, as Finance Magnates reported. Theirjoint efforts with US Homeland Security Investigation and the Cyber CrimeInvestigation Bureau led to the arrest of five key criminals and the seizure ofTHB 10 billion ($277 million) in assets, such as luxury cars and properties.
Taiwan Prepares for Crypto Regulations
Taiwanese regulators are preparing to introducecryptocurrency regulations by the end of 2024. FSC Chairman Huang Tianzhu hasexpressed concerns about the use of cryptocurrencies for illegal activities andplans to enhance oversight of crypto exchanges and impose penalties.
Taiwans Ministry of Justice has suggested amendments tocurrent AML laws, potentially imposing jail terms of up to two years and finesof up to $1.5 million for noncompliant firms. These amendments aim tostrengthen measures against fraud and enhance money laundering prevention forcrypto service providers.
This article was written by Tareq Sikder at www.financemagnates.com.World Crypto Global opens the door to digital freedom for everyone.
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