Web3 Expansion: Prosecutors in Taiwan Warn KOLs About Promoting Specific Cryptocurrencies and the Legal Risks to Consider
The program “Web3 Goes West” hosted by XREX exchange co-founders Huang Yaowen and Xiao Huizong, as well as 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) commonly found in the crypto community may have legal concerns.
He stated that the actions of KOLs, such as leading or promoting specific cryptocurrencies, exist in a gray area. In the United States, legislation has already imposed penalties on cryptocurrency KOLs who promote specific cryptocurrencies without disclosing their holdings.
(Previously, Chain News also reported on related regulations regarding cryptocurrency consultancy in the United States:
SEC declares cryptocurrency assets as a priority for regulation, cryptocurrency consultants and exchanges need to be cautious!)
(France’s approach:
French KOLs must obtain a “Financial Responsibility Impact Certificate” in order to provide investment-related advice and services.)
Prosecutor Hong Minchao stated that although Taiwan currently does not have clear regulations to deal with this area, it does not mean that disputes will not arise in the future.
He suggested that KOLs should shoulder their responsibilities while understanding their influence. 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 cryptocurrency community.
(In fact, there have been cases of warnings against cryptocurrency consultancy in Taiwan:
FSC targets cryptocurrency consultants! p1trader/TCDAO claims to be the world’s number one in Binance futures contracts, but is listed as an illegally operating securities consultant.)
Full interview:
Web3 Goes West
XREX
Hong Minchao
