Taiwanese legislator proposes strengthening virtual asset supervision with a national-level AI warning system, Executive Yuan to present fraud prevention legislation in April.
With virtual assets becoming a new channel for fraud, the Taiwan Ministry of Finance inspected the Financial Supervisory Commission (FSC) on the 11th. Many legislators across parties called for the regulation of virtual assets through special legislation and proposed the establishment of a national-level AI warning system to combat increasingly innovative fraud methods.
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Gradually improving the regulatory framework, the Executive Yuan plans to propose an anti-fraud law in April.
Legislators propose the establishment of a national-level warning platform.
Members of the Ministry of Finance, including convenor Luo Mingcai and Kuomintang legislator Wang Hongwei, People’s Party legislator Huang Shanshan, and Democratic Progressive Party legislator Li Kuncheng, collectively visited the FSC to discuss the practical effectiveness of banks using technology to prevent fraud.
The Executive Yuan plans to propose an anti-fraud law in April to integrate and strengthen the regulation of virtual assets. Huang Tianmu revealed that the new law aims to consolidate the management responsibilities of financial institutions and virtual asset platforms, providing clearer legal support, such as freezing suspicious accounts and strengthening identity verification.
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Huang Shanshan emphasized that currently, many anti-fraud measures are limited to the banking sector, but fraud has extended to multiple channels involving virtual assets and third-party payments. She proposed that the government should assist in establishing a comprehensive AI warning system, expanding it to include various financial transaction platforms to more effectively detect and alert abnormal fund flows. Huang Tianmu responded by stating that the FSC is collaborating with the judicial and investigative departments to expedite the electronic inquiry of financial data, accelerate the handling of fraud cases, and is committed to realizing Huang Shanshan’s suggestion.
The inspection activity and the proposed suggestions both point to the need for more comprehensive and advanced technological means to counter increasingly cunning financial fraud, highlighting the importance of legislation and technological innovation in the contemporary financial security field.
Taiwan
Anti-fraud
Regulation
FSC
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