Famous Exchange Caught in Scandal: Time for a Complete Legal Review! Why Is Crypto Especially Hard to Regulate? ft. Prof. Cheng-Yun Tsang, Attorney Eddie Hsiung

EP.236

GM,

Recently, the founders and executives of ACE, a prominent cryptocurrency exchange, have been successively arrested and detained on suspicion of fraud and money laundering. ACE Exchange ranks among the top three in terms of user base in Taiwan, making the situation noteworthy. Although the case is still under investigation, the Financial Supervisory Commission (FSC), the cryptocurrency regulatory authority, coincidentally disclosed progress in the drafting of virtual asset-specific regulations recently. This development carries significant implications in response to the ACE incident.

In this episode of Blocktrend, two legal experts — Prof. Cheng-Yun Tsang from the University of Monash in Australia and Attorney Eddie Hsiung from Lee and Li Attorneys-at-Law—engage in a cross-border conversation to thoroughly analyze the legal loopholes highlighted by this incident. They also explore whether Taiwan's regulatory development in the cryptocurrency space is keeping pace with international standards. Additionally, the discussion delves into the challenges of regulating cryptocurrencies and presents comprehensive perspectives from both academia and industry, making it currently the most comprehensive dialogue on exchange regulation and legal issues.

The content of this episode includes:

1. What legal and regulatory issues does the ACE incident bring to light?

2. On a scale of 0 to 10, how would you rate Taiwan's cryptocurrency supervision currently?

3. What regulations must cryptocurrencies adhere to when listing on exchanges? Are there any loopholes?

4. How do associations and specific regulations constrain industry players? Who supports and opposes them?

5. The key factors that make cryptocurrency regulation particularly challenging.

Further reading:

• ACE Exchange Founder Wang Chenhuan Detained for Alleged Virtual Currency Fraud and Money Laundering, Restricted from Meeting

• Suspects Lin and Pan Detained and Restricted from Meeting, Accused of Cryptocurrency Investment Scam

• FSC Requests Explanation from ACE Exchange Founder Accused of Fraud, Doesn't Rule Out Imposing Penalties