REGULATION

The Ministry of Justice launches the "Confiscated Virtual Asset Management System Platform", seizing a total of 200 million New Taiwan Dollars' worth of USDT in the investigation of the 88 Guan Case.

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The Ministry of Justice launches the "Confiscated Virtual Asset Management System Platform", seizing a total of 200 million New Taiwan Dollars

The Ministry of Justice in Taiwan officially launched the "Seized Virtual Asset Management System Platform" on April 15th to strengthen the seizure and management of proceeds from crimes. This new platform aims to enhance the efficiency and security of asset seizure related to virtual assets, ensuring that the illicit proceeds of criminals are not misused.

New Taipei District Prosecutor's Office First to Implement: Seizing Virtual Assets Supervision Platform

With the launch of this system, the New Taipei District Prosecutor's Office became the first agency in the country to implement it. The office has transferred the seized illegal gains: 6.79827 million Tether USDT, worth about NT$ 239.4 million, into the supervision platform.

Transnational Gambling and Money Laundering Case: 88VIP Club Case

Kuo Che-min is accused of operating a transnational gambling syndicate. In related cases, a Federal Bank branch manager and financial director are suspected of colluding with a fraud group to conduct money laundering activities using cryptocurrency as a medium of exchange. These actions led to a large amount of Tether USDT being seized.

Abandoning Cold Wallet Storage Method, Upgrading Systematic Management

Prior to this system, seized cryptocurrencies were stored by the police in cold wallets, involving cumbersome storage procedures and psychological burden on personnel. The new system will be directly managed by judicial police agencies, simplifying operations and enhancing security and transparency.

The establishment of this supervision system not only sets a new milestone for the Ministry of Justice in managing virtual assets, but is also expected to address past issues such as improper storage and internal theft, improving overall judicial efficiency. Through integration with the prosecutors' case management system, this platform will become a core tool for cryptocurrency supervision.