Taiwan Introduces 4 New Laws To Combat Fraud Dealing With Virtual Asset
Taiwan’s Executive Yuan has approved four new laws. These laws aim to combat fraud and enhance anti-money laundering measures.
An official post released in a local newspaper ‘abmedia’ titled “New Four Laws to Combat Fraud” is designed to strengthen the government’s ability to tackle a wide range of criminal activities, particularly in the digital asset space.
The new 4 laws passed to combat fraud and implement better regulations consist of four key components: the Fraud Crime Harm Prevention Regulations, the Money Laundering Prevention Law, the Technology Investigation and Security Law, and the Communications Security and Supervision Law.
One unique element that centers on this new legislation is the newly updated and amended Money Laundering Prevention Law. The new Money Laundering Prevention Law, having stricter penalties for non-compliance, specifically targets virtual asset service providers (VASPs) who do not comply with the law.
(With inputs from Shikha Singh)
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