Taiwan targets anonymous cryptocurrency transactions

By On November 04, 2018

Taiwan targets anonymous cryptocurrency transactions

Taiwan aims to make cryptocurrency use more transparent. Image: iStockTaiwan aims to make cryptocurrency use more transparent. Image: iStock Asia UnhedgedReal-time intel on what moves markets Taiwan targets anonymous cryptocurrency transactions

Government amends laws regulating virtual currency, forcing operators to require users to register their real names

November 5, 2018 7:22 AM (UTC+8)

Taiwan has amended its laws regulating cryptocurrency transactions, Bitcoin.com reported.

The revisions reportedly give the territory’s Financial Supervisory Commission “the authority to crack down on anonymous virtual currency transactions.”

The Legislative Yuan, Taiwan’s highest legislative body, on Friday passed amendments to existing laws aimed at regulating cryptocurrency transactions in the country, Focus Taiwan reported.

The amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Financial Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency transactions.

In particular, “The FSC can now demand that operators of virtual currency platforms, including bitcoin, implement ‘real-name systems’ that require users to register their real names, according to the new provisions,” the news outlet stated. Banks can now reject crypto exchanges’ transactions that are anonymous; they also have an obligation to report any suspicious transactions to the FSC, the Focus Taiwan added.

According to the amended provisions, non-financial enterprises that violate money-laundering rules will be fined m ore than 50,000 yuan ($7,256) but less than 1 million yuan. In contrast, financial institutions that break the rules will be fined more than 500,000 yuan but less than 10 million yuan, Ettoday reported.

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