To strengthen the seizure and management of proceeds of crime, the Ministry of Justice of Taiwan officially launched the “Seized Virtual Assets Management System Platform” on April 15. This new platform aims to enhance the efficiency and security of virtual asset seizures to ensure that the illegal proceeds of criminals are not misused.
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New Taipei District Prosecutors’ Office pioneers the application of the Seized Virtual Assets Management System Platform
Cross-border gambling and money laundering case: 88 House case
Abandoning the cold wallet storage method and upgrading to systematic management
At the same time as the launch of this system, the New Taipei District Prosecutors’ Office became the first agency in the country to implement this system. The office has transferred the seized illegal proceeds, which amounted to 6,798,270 USDT (approximately 23.94 million New Taiwan Dollars), to the management platform.
Guo Zemin has been accused of operating a cross-border gambling ring. In related cases, managers and wealth managers of a federal bank branch are suspected of colluding with fraud syndicates for money laundering activities, using virtual currency as a medium of exchange. These actions resulted in a large amount of USDT being seized.
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Prior to the implementation of this system, the seized virtual currency was stored in cold wallets by the police, involving cumbersome storage procedures and psychological burden on personnel. The operation of the new system will be directly managed by judicial police agencies, simplifying operations and enhancing security and transparency.
The establishment of this regulatory system not only sets a new milestone for the Ministry of Justice in virtual asset management but also is expected to solve issues such as improper storage and internal theft in the past, improving overall judicial efficiency. Through integration with the prosecution agencies’ case management system, this platform will become a core tool for virtual currency regulation.
88 House
Taiwan
Seized Virtual Assets Management System Platform
New Taipei District Prosecutors’ Office
Ministry of Justice
Further reading
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