The program “Web3 Takes the West” hosted by XREX co-founders Huang Yaowen and Xiao Huizong, along with XREX Senior Director You Zhiwei, invited Prosecutor Hong Minchao from the Taipei District Prosecutors Office to discuss the criminal activities of cryptocurrency abuse.
During the interview, Prosecutor Hong Minchao specifically mentioned that key opinion leaders (KOLs) in the crypto community may have legal concerns. He stated that the actions of KOLs in leading or promoting specific cryptocurrencies exist in a gray area. In the United States, legislation has been enacted to penalize KOLs in the crypto sphere who promote specific cryptocurrencies without disclosing their holdings.
(Previously, Chain News also reported on related regulations regarding cryptocurrency investment advisors in the United States: SEC declares cryptocurrency assets as a priority regulatory concern, cautioning cryptocurrency investment advisors and exchanges!)
(French regulations: French KOLs must obtain a “financial responsibility influence certificate” to provide investment-related advice and services.)
Prosecutor Hong Minchao stated that although Taiwan currently does not have clear regulations to handle this area, it does not mean that disputes will not arise in the future. He advised KOLs to understand their influence and also take responsibility. If they are currently engaging in gray activities through regulatory arbitrage, they must understand where the red line is. He believes that KOLs should pay attention to legal risks, avoid disputes, and bring positive development to the crypto sphere.
(In fact, there have been cases in Taiwan warning against cryptocurrency investment advisors: FSC targets cryptocurrency investment advisors! p1trader/TCDAO claims to be the world’s number one in Binance futures contracts, but is listed as an illegal securities investment advisor.)
Full interview:
Web3 Takes the West
XREX
Hong Minchao