The Ministry of Justice Launches the “Seizure Virtual Asset Supervision System Platform”: The Confiscation of Two Hundred Million Taiwanese Dollars Worth of USDT in the 88 Guan Case is Included.
To strengthen the seizure and management of proceeds of crime, Taiwan’s Ministry of Justice officially launched the “Seized Virtual Asset Management System Platform” on April 15th. This new platform aims to enhance the efficiency and security of virtual asset seizures to ensure that the ill-gotten gains of criminals are not misused.
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New Taipei District Prosecutors’ Office is the first to apply: Seized Virtual Asset Management System Platform
Cross-border gambling and money laundering case: 88 Casino case
Abandoning the cold wallet storage method, upgrading to a 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. They have transferred the seized ill-gotten gains, which amount to 6.79827 million Tether (USDT), worth about NT$23.94 million, to the management platform.
Guo Zemin was accused of operating a cross-border gambling group. In related cases, the branch manager and wealth management supervisor of a federal bank were implicated in colluding with a fraud group for money laundering activities, using virtual currency as a medium of exchange. These actions led to a large amount of Tether (USDT) being seized.
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Before the implementation of this system, seized virtual currencies were stored by the police in cold wallets, 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 is also expected to address past issues such as improper storage and internal theft, improving overall judicial efficiency. Through integration with the prosecution agency’s case management system, this platform will become a core tool for virtual currency regulation.
88 Casino
Taiwan
Seized Virtual Asset Management System Platform
New Taipei District Prosecutors’ Office
Ministry of Justice
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