ACE Trade Tackles Cryptocurrency Cash Laundering With KPMG, KGI Financial institution and CYBAVO

TAIPEI, September 2, 2021 / PRNewswire / – As nations around the world try to take control of cryptocurrencies to prevent financial crime, ACE exchange, a leading cryptocurrency exchange based in Taiwan, has proactively implemented numerous measures to meet the relevant requirements and to contribute to the fight against money laundering, Taiwan Regulators to create a safe and transparent cryptocurrency environment.

David Pan, founder of ACE Exchange, says security is a top priority for the company

To achieve this, ACE Exchange has partnered with KPMG, KGI Bank, CYBAVO and Lockton to provide AML and other financial crime protection on its platform and to provide a secure crypto trading platform for all users.

In recent years, crypto assets have grown in importance, especially among young investors. The exponential increase in popularity has also raised concerns about the inherent risks of unregulated transactions between cryptocurrency holders. To prevent cryptocurrencies from becoming a money laundering channel, authorities have tightened regulations for the industry, including the New Taiwan Cryptocurrency rules issued on July 1 which cryptocurrency exchanges require to verify and evaluate user identities.

“ACE Exchange has worked with KPMG to take relevant anti-money laundering and terrorist financing practices by rigorously verifying user information and identities prior to the introduction of the new Taiwanese AML regulations for cryptocurrencies Taiwan Criminal and investigative agencies to help set up comprehensive anti-money laundering mechanisms in the crypto room, “said David pan, Founder of ACE Exchange.

Security is a top priority at ACE Exchange

ACE Exchange offers double protection for the new Taiwan dollar and crypto assets. In 2020 the company founded the “FIA Fund Trust Custody” together with the KGI Bank. ACE Exchange is operated by the world-renowned blockchain security company CYBAVO and is equipped with a state-of-the-art security system for digital assets and a third-party digital wallet for users.

The story goes on

ACE Exchange’s partnership with S&P AA-rated international insurance company Lockton gives users all-round protection.

Since its inception, ACE Exchange has prioritized security and user protection, which in partnership with the world’s leading law firms, accounting firms and financial institutions has laid a solid foundation for regulatory compliance regarding AML and KYL.

In early 2018, ACE Exchange received guidance from KPMG on setting up transaction procedures and ensuring compliance with anti-money laundering and terrorist financing (CTF) regulations.

In 2021, Rex Chu, Risk Consultant and Executive Vice President of Forensic Accounting Services at KPMG Taiwan, assisted ACE Exchange in planning product development and operations in accordance with the relevant Taiwan Laws and regulations to meet the standards of high profile financial banks. It has put ACE Exchange at the forefront of the crypto industry in building and strengthening its risk management protocols and user protection mechanisms.

Via ACE Exchange

Founded in 2018 by David pan, former COO of KPMG Innovation and Startups, ACE Exchange is one of the largest cryptocurrency platforms with first-class digital security measures in Taiwan. It currently ranks second in Taiwan in terms of trading volume in Bitcoin, Ethereum and StableCoins. The brand has set itself the goal of building the most professional fiat-to-crypto exchange and providing a channel for easy access to cryptocurrencies for all Taiwanese people.



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6 Methods to Make Cash With Cryptocurrency

Let’s introduce smart ways to make a profit in the cryptocurrency market.

So you’ve heard stories about cryptocurrency millionaires and want to give them a try? Originally, cryptocurrency was supposed to become a global payment model, but right now, people are investing in cryptocurrencies to make money. It’s not as easy as it sounds. Many people end up losing money or giving up halfway due to lack of understanding.

The cryptocurrency industry is still in its infancy and crypto assets are subject to massive market volatility. Investors are drawn to the industry when prices rise and suffer heavy losses when the market crashes. But there are certain strategies that seasoned investors use to make money from cryptocurrency.

Trading cryptocurrencies is the most popular way to make money, but there is great volatility that makes it very risky. However, due to the immense growth potential of the market, there are other effective strategies for making profits from cryptocurrency.

1. Invest

Investing in cryptocurrencies for the long term is an ideal strategy. Several popular cryptocurrencies lend themselves well to a buy-and-hold strategy. Coins like Bitcoin and Ethereum are volatile for a short time, but profitable in the long term.

2. Trade

Trading the volatile cryptocurrency market is tough, but not impossible. To be a successful trader, you should have analytical and technical skills. You need to analyze technical performance charts to make accurate predictions about price increases and decreases. During trading, you can either take a long position or a short position depending on whether you are going up or down. This way, regardless of whether the market is bearish or bullish, you can make a profit.

3. Stake out and loan out

Staking is a way of owning, but not spending, cryptocurrencies. By validating cryptocurrency transactions, you will receive rewards in the form of crypto coins. These coins are blocked in the crypto wallet. A proof-of-stake blockchain network, which is used by many cryptocurrencies, is ideal for this method. The reward you get for verifying transactions is equal to the interest a bank would pay on a balance.

4. Social media

Several blockchain startups have been founded since 2011 to take advantage of the new technology. These startups have social media platforms and many of these companies reward people for creating and curating content for them with the native crypto coin of that platform.

5. Mining

Mining cryptocurrencies is an integral part of the proof-of-work mechanism. If you mind a crypto currency, you will be rewarded with the new coins. Mining requires technical know-how and computer investments. You need a background in programming and very powerful computers in cold environments.

6. Airdrops

Airdrops are free tokens that are distributed to raise awareness. Usually airdrops are done by crypto exchanges to create a larger user base for a project. You can use tokens that you receive via Airdrops to buy and trade more cryptocurrencies.

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Japan Sees Cryptocurrency Sellers as A part of Anti-Cash Laundering Plan, Prime Monetary Regulator Says

Japan’s leading financial regulator said its planned anti-money laundering platform could include cryptocurrency traders, who it believes have the same obligation as traditional financial institutions to ensure they don’t deal with criminals.

The Financial Services Agency has announced that it will create a common industry-wide system that financial companies can use to assess whether their customers are terrorists and whether customer accounts are at risk of money laundering.

“Insofar as they are prohibited from trading with sanctioned people, cryptocurrency dealers are the same as banks,” said FSA chief Junichi Nakajima in an interview with the Wall Street Journal.

“Because we have the same list of international terrorists, it would be cheaper and more accurate if we create a common system instead of doing it from individual financial firms,” ​​said Nakajima, who took up his post in July.

Mr Nakajima said his agency expects to have a plan for the new platform by the middle of next year.

Cryptocurrency is taking off as a approach to pay for trip getaways

Alexander Spatari | Moment | Getty Images

You probably need to use Cryptocurrency to pay the ransomware hacker freezing your laptop, but where else could you put all of your bitcoins, ethereum and other digital coins in for actual use?

Tesla can still be unsure Re-accepting Bitcoin for their electric vehicles, cryptocurrency holders can now play around in other ways now that travel providers are warming up to the idea.

Airfare website, the Latvian airline Air Baltic and Richard Branson’s Virgo galactic have long accepted Bitcoin and a Berlin-based website for booking tours and activities GetYourGuide began to take Dogecoin, processed via BitPay, in June as part of the expansion in the USA

Cryptocurrency transactions are becoming “really important for travel,” and his company is considering accepting other coins in the future, said Johannes Reck, CEO and co-founder of GetYourGuide.

“People want to get their crypto back into the system [and] Travel is one of the biggest categories out there, ”he added. “We’re bringing Dogecoin into the real world now; You can apply it and actually have a real, kinetic experience. “

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Cryptocurrency also appeals to younger generations of travelers, say industry players.

Alex Simon, co-founder and CEO of the upcoming travel app Elude, said next-generation vacationers are “looking for modern ways to plan and book trips.”

“The ability to buy your plane ticket or hotel using Bitcoin or other cryptocurrencies is inevitable,” he added. “Although the travel industry is antiquated, the new generation of travelers, Gen Z and Gen Alpha, will require new forms of payment and alternative ways to buy travel.” (It is widely believed that Gen Alpha is made up of those born after 2010, often the children of millennials.)

Other tourism players currently trading in cryptocurrencies are Nevada’s new ones Resorts World Las Vegas Property it accepts for select payments through a partnership with UK crypto exchange company Gemini and the Bobby Hotel in Nashville, Tennessee, where guests can book stays and events using Dogecoin and other cryptocurrencies through BitPay.

For its part, the online travel agency giant Expedia stopped accepting Bitcoin directly in 2018, but since 2020 700,000 hotels and accommodations of the Expedia group have been available via the crypto-friendly booking platform also works with Tripadvisor company Viator to offer more than 400,000 bookable activities as well as food delivery company Zomato.

At the self-described “blockchain-based”, which accepts payments in its own native AVA altcoin as well as 50 other cryptocurrencies, 70% of all bookings are now made via digital coins, according to CEO Juan Otero. The company said it is currently seeing more than $ 1 million a week in business.

“These are massive partnerships with some of the largest online travel brands in the world, all of whom use crypto,” Otero said. “In total, offers over 3 million travel products, which not only makes us the biggest crypto-friendly ones [online travel agency]but one of the greatest overall. “

Is B&B now “bed-and-blockchain”?

Matthew Leete | Photo disc | Getty Images

The cryptocurrency model is also starting to change the travel industry itself. Otero said it was the core of Dtravel, which he described as a new decentralized home sharing network based on the blockchain model that launched in June.

“There is not a single board of directors who makes all the decisions,” he said. “Instead, this new home-sharing network is run entirely by its community through its ‘Decentralized Autonomous Organization’, which any host or guest can participate in.”

Otero said the blockchain technology on which Dtravel is built enables “smart contracts” between hosts and guests. The platform revolves around TRVL, its native crypto token.

The token is made available to all registered hosts and every guest can buy it; those who have TRVL are voting members of the Dtravel DAO. (More than $ 35 million in TRVL awards were reserved for the first 100,000 hosts to register with Dtravel, Otero said. On July 21, Dtravel announced that it had joined more than 200,000 properties in more than 2,000 cities. The platform aims to list more than 1 million rentals in the first year.)

There is certainly no isolated island that all crypto enthusiasts travel to.

Juan Otero

CEO of

“Hosts can propose changes – for example fee structure, organizational policy, use of shared funds – and vote so that it is possible [them] control the fate of the Dtravel platform to meet its evolving needs, “he said.

It all makes sense, Otero said, in a world of an estimated 100 million cryptocurrency holders where consumers have spent money more than $ 1 billion in crypto alone in the Visa network in the first half of 2021. An April 1st poll out of 1,000 Americans found that 71% of respondents plan to spend more on travel than they did before Covid, and a surprising quarter say they will pay for some of that with crypto.

Still, for many, crypto trading seems to be the responsibility of a particular subset of the population – say, the Elon Musks of the world. But in general, people who use digital coins on book everything from cheap travel at online travel agents to its luxury concierge branded products, Otero said, and their preferred travel destinations are not much different from those who pay traditionally Cash or credit.

“There is certainly no isolated island that all crypto enthusiasts travel to,” he added, although he noted that crypto uptake in’s second and third most popular destinations was above the global average. Turkey and United Arab Emirates. (The US is the # 1 seller of the platform.)

“As more people own cryptocurrencies and more companies accept them for real things, travel is of course a desirable experience to use crypto,” he said.

Naturally, Bitcoin and competing coins can fluctuate wildly in value; Because of this, travel providers tend not to rely on the volatile tokens, but have third-party vendors convert them to fiat values ​​at the time of purchase, says Otero.

Consumers also reserve their options. “We generally see more credit card payments for travel when crypto prices are down than when they are sky high,” Otero said.