Creative Translation: “Groundbreaking ‘Anti-Fraud Act’ Approved by Executive Yuan! Unregistered Foreign Currency Traders Subject to Up to 2 Years of Imprisonment”

Creative Translation: "Groundbreaking 'Anti-Fraud Act' Approved by Executive Yuan! Unregistered Foreign Currency Traders Subject to Up to 2 Years of Imprisonment"

Creative Translation: "Groundbreaking 'Anti-Fraud Act' Approved by Executive Yuan! Unregistered Foreign Currency Traders Subject to Up to 2 Years of Imprisonment"

According to the report by United Daily News, the Executive Yuan has approved the “Anti-Fraud New Four Laws” today and will submit them to the Legislative Yuan for review. The four laws are the “Anti-Fraud Act,” the “Anti-Money Laundering Act,” the “Technology Investigation and Protection Act,” and the “Communication Protection and Surveillance Act.” Among them, the new regulations in the “Anti-Money Laundering Act” will have a greater impact on the Canadian currency industry, and will regulate virtual asset services from three aspects.

Virtual asset service providers need to complete anti-money laundering registration.

Third-party payment service providers need to complete anti-money laundering and service capacity registration.

Virtual asset and third-party payment service providers established overseas need to complete branch registration or subsidiary registration.

Those who provide services without completing the above three requirements can be sentenced to imprisonment for up to two years.

Deputy Chairperson of the Financial Supervisory Commission, Chu Shu-chen, stated in a press conference after the Executive Yuan meeting that according to the Anti-Fraud Act, both individual currency businesses and corporate currency businesses must be regulated and will face criminal liability if they are not registered. Currently, there are about 60 to 70 currency businesses in the virtual currency market, but only 25 have passed the Financial Supervisory Commission’s anti-money laundering review. Chu Shu-chen stated that as the regulatory authority for virtual assets, the Financial Supervisory Commission requires all currency businesses to declare and review, and a currency business association will also be established in the future. The Financial Supervisory Commission will require the association to strengthen its management.