Taiwan’s Existing Virtual Currency Operators Awaiting Registration System
Taiwan’s existing virtual currency service providers (VASP) are relying on the anti-money laundering (AML) declarations prior to the new law to maintain their legal operations during the transition period before passing the “registration system.” However, operators with AML declarations, such as Bixin and CoinWorld, have been removed from the Financial Supervisory Commission’s (FSC) list of AML declarations for two consecutive days.
Among them, Bixin is involved in a money laundering case, and its responsible person has been transferred for investigation, which is understandable. However, CoinWorld reportedly withdrew voluntarily and has issued a statement, indicating that it decided to suspend its operations after careful consideration.
(The largest physical cryptocurrency exchange in Taiwan, “Bixin,” is involved in money laundering; the Criminal Investigation Bureau conducted searches on 33 locations, and 7 individuals were brought in for questioning.)
CoinWorld States No Partnership with Bixin
On the 7th, CoinWorld issued a clarification statement, noting that a competing entity has recently been suspected of imitating and misappropriating its images and intellectual property, resulting in the misrepresentation of the company’s efforts. CoinWorld emphasized that it has no partnership, business, or capital relationship with “Bixin Exchange,” and has formally filed a lawsuit to defend its rights, requesting media outlets to correct related misinformation to prevent public misunderstanding. The company reiterated that it has always adhered to the core spirit of integrity and lawfulness since its establishment, expressed regret for being unjustly implicated, and thanked customers and all sectors for their support, promising to uphold its reputation in accordance with the law and to continue monitoring subsequent developments.
FSC’s Large-Scale Financial Inspection Expected to Strengthen Compliance
The FSC recently stated that in 2025, it will conduct special inspections on 12 VASPs that have not completed financial inspections, marking the largest financial inspection action in a single year in history. Key focus areas include anti-money laundering, combating terrorist financing, preventing the proliferation of weapons, consumer protection, and fraud prevention, aiming to strengthen the regulatory intensity and transparency of the overall virtual currency industry.
(VASP Major Sweep｜Bixin’s Fraud Case Triggers Regulatory Storm, FSC Launches Largest Virtual Currency Financial Inspection in History)
Risk Warning
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