Taiwan targets anonymous cryptocurrency transactions
Taiwan 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 namesNovember 5, 2018 7:22 AM (UTC+8)
Taiwan has amended its laws regulating cryptocurrency transactions, Bitcoin.com reported.
The revisions reportedly give the territoryâs Financial Supervisory Commission âthe authority to crack down on anonymous virtual currency transactions.â
The Legislative Yuan, Taiwanâs 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 Taiwanâs Financial Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency transactions.
In particular, âThe FSC can now demand that operators of virtual currency platforms, including bitcoin, implement âreal-name systemsâ that require users to register their real names, according to the new provisions,â the news outlet stated. Banks can now reject crypto exchangesâ 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.The dailyReport Must-reads from across Asia - directly to your inbox continue readingSource: Google News Taiwan | Netizen 24 Taiwan