Draft bill to combat crypto money laundering

The Executive Yuan yesterday passed draft amendments to the Money Laundering Control Act (洗錢防制法) aimed at strengthening oversight of cryptocurrency-related activities and stablecoins to prevent them from being used for money laundering.Under the amendments, providing virtual-asset services or third-party payment services without registration, as well as issuing stablecoins without authorization, would be designated as “specified unlawful activities” for the purposes of money laundering offenses.The draft incorporates international standards by establishing a legal definition of a beneficial owner as a person who ultimately owns or controls a client or a transaction, or a person who exercises ultimate effective control over a legal entity or legal arrangement. The symbols of bitcoin and the