Trump's currency issuance was reported by the Taiwanese as "violating the Money Laundering Prevention Law", PTT encryption moderator: The Financial Supervisory Commission will not catch him soon
U.S. President-elect Trump launched the official meme currency $TRUMP on the 18th, attracting many Taiwanese people to buy it. However, DarkerDuck, the moderator of PTT's digital currency DigiCurrency version, announced on the 19th that he had reported to the Financial Supervisory Commission that Trump violated Article 6 of Taiwan's Money Laundering Prevention Act, which can be sentenced to up to two years in prison, and requested the Financial Supervisory Commission to work with the prosecutors to quickly arrest Trump.
(Preliminary summary: P2P transactions are completely illegal? Taiwan's Financial Supervisory Commission called "Personal currency transactions will be closed for seven years", and the VASP special law draft will be sent to the Executive Yuan in June)
(Background supplement: Trump's net worth increased by more than 50 billion mg overnight thanks to $TRUMP! Is there a wave of celebrity currency issuance coming?)
US President-elect Trump launched an official meme currency on the 18th $TRUMP, in just two days, the fully diluted valuation (FDV) once soared to an astonishing US$70 billion, and many people rushed to buy it. However, DarkerDuck, the moderator of PTT's digital currency DigiCurrency forum, announced on the 19th that Trump violated Article 6 of Taiwan's Money Laundering Prevention Act, which can be sentenced to up to two years in prison. 
According to the Financial Supervisory Commission's previous announcement, Article 6 of the Money Laundering Prevention Law has added the VASP money laundering prevention registration system and the criminal liability of illegal operators, which was implemented on November 30 last year. Effective on the same day, those who have not completed money laundering prevention registration with the Financial Supervisory Commission in accordance with regulations are not allowed to provide virtual asset services. Violators shall be sentenced to fixed-term imprisonment of not more than 2 years, short-term imprisonment, or a fine of not more than NT$5 million. If a legal person violates, in addition to punishing the perpetrator, the legal person shall also be fined not more than NT$50 million.
The Financial Supervisory Commission pointed out that enterprises or persons who wish to provide virtual asset services shall comply with Article 5 of the VASP Registration Regulations. If you apply for money laundering prevention registration according to the documents and procedures specified in this article, those who provide virtual asset services without completing the registration will face criminal liability of up to 2 years in prison.
Trump is involved in illegal money laundering prevention law, Article 6
DarkerDuck pointed out that Trump, as a personal currency dealer, does not have a Taiwan VASP. According to past prosecutorial practices, companies or individuals can be arrested as long as they sell coins to Taiwanese without registration. It also pointed out that the Kaohsiung coin dealer was not involved in money laundering, but was arrested for selling coins without a license. It emphasized that the foreign exchange Binance shut down Taiwan’s C2C business to avoid the spotlight.
Before Article 6 of the Money Laundering Prevention Act came into effect on November 30 last year, Binance announced that in November last year On the 29th, all advertisers that have not obtained P2Pro certification (that is, advertisers that have not been approved by the Financial Supervisory Commission’s Money Laundering Prevention and Compliance Statement), including cash advertisers,
DarkerDuck said that Trump openly sold $TRUMP on the public platform The value held by Taiwanese people has definitely exceeded the transaction volume of individual currency dealers in the previous news:
The crime is extremely serious. Please work with the Financial Supervisory Commission to arrest Trump as soon as possible during the inauguration ceremony tomorrow.
After the release of $TRUMP, many people in Taiwan posted orders to buy it. Therefore, the reason for DarkerDuck’s report is true, PTT. The villagers also clapped their hands and applauded, saying, "I'm laughing to death. Let's see how the ministry will explain it. Just wait and see the show."
Taiwan’s currency circle caused a wave of sentiment
According to the draft of the Virtual Assets and Trading Business (VASP) Act currently being developed by the Financial Supervisory Commission, the Financial Supervisory Commission will also consider adopting a "franchise system" to regulate VASP in the future. Business operators, if they want to conduct transactions in virtual assets such as Bitcoin in the future, they must obtain a license from the Financial Supervisory Commission before they can undertake the business. If they conduct transactions without approval, they may face a maximum penalty of 7 years.
At that time, Dongqu District consulted an anonymous expert with six years of experience in the industry and said that the current money laundering prevention law and related regulations do not clearly define the definition of "currency merchants" and "legitimate p2p transactions." This will raise doubts about the business scope and compliance standards of the industry. If future regulations are still unclear, the use and development of cryptocurrency in Taiwan will be greatly restricted.
Experts are worried that the Integrity Police who are enforcing the crackdown may not be able to distinguish between "personal currency merchants" and "ordinary cryptocurrency transactions." All P2P cryptocurrency transactions that are actually under the table may fall into the scope of the ban. This will directly impact the legal circulation and application of cryptocurrency in Taiwan. Experts call on the government to hold multiple public hearings to explain to the public before the special law is implemented and enacted.
This related news has also aroused dissatisfaction among veteran OGs in Taiwan’s currency circle. Some people believe that the currency circle should gather strength to send a letter to the Financial Supervisory Commission to flood the mailbox. Some netizens even provided a public format for a love letter in the discussion area, calling on the public to express their dissatisfaction to the Financial Supervisory Committee’s mailbox.
The Action Zone reminds readers that if the public has any opinions before the introduction of the special law, they can go to the Financial Supervisory Commission's mailbox to make a complaint. If there are illegal cases involved, the Financial Supervisory Commission will also open a reporting area for the public to report on their own.
Financial Supervisory Commission Public Opinion Mailbox
Financial Supervisory Commission Reporting Area
