Taiwanese law enforcement agencies are investigating the ACE crypto exchange to find the main culprit behind useless cryptocurrencies promotion.
Taiwan is an independent country as the Republic of China (ROC) has its unique dedicated laws & rules different from China, which always claims Taiwan as a province of the People’s Republic of China (PRC). Here crypto is fully unregulated but all the digital assets service providers are required to comply with anti-money laundering (AML) laws, to prohibit potential high-level illegal crypto fund transactions.
According to local media reports, recently Taiwanese police investigated Taiwan’s biggest crypto exchange ACE.
As per the report, the whole purpose of the crime investigation against this crypto exchange was to find out the main culprit who played a vital role in the exchange to promote shitcoins, those cryptocurrencies which are useless.
So far police arrested a total of 14 people in this case & seized more than NT$1 billion in funds, the amount of money involved & made in the promotion of shitcoins.
Some Crypto X (Twitter) users said that it is a very big concern nowadays in the crypto sector because almost every crypto influencer with decent followers tries to promote such shitcoins for money and people easily fall under the trap of those shitcoin hype & investment.
Such types of unfair activities by the top level Crypto exchanges will surely act as a catalyst to put pressure on the Taiwanese regulatory bodies to make a set of new rules & laws to fight against illegal crypto-related activities.
Notebely Hong Kong is a Taiwan-like jurisdiction but last year the Hong Kong authorities introduced a set of rules & laws to regulate the crypto sector.
In Oct 2023, in an interview, Yung-Chang Chiang, a member of the Legislative Yuan, talked about the efforts on the crypto regulatory framework by the Taiwanese regulatory bodies.
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