Taiwan Government Made Amendments to Existing Legislation to Improve Regulation of Cryptocurrency Sector — Coinzdaily

Taiwan Government Made Amendments to Existing Legislation to Improve Regulation of Cryptocurrency Sector — Coinzdaily

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November 2, 2018 by magiccryptocurrency
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Taiwan’s legislature reviewed and adopted a number of amendments to existing laws to combat the financing of terrorism and money laundering. New amendments will impose new requirements and restrictions on local cryptocurrency platforms. The report was published by the local edition of FocusTaiwan on November 2. According to the latest changes in legislation, the unicameral
Taiwan Government Made Amendments to Existing Legislation to Improve Regulation of Cryptocurrency Sector — Coinzdaily


Taiwan’s legislature reviewed and adopted a number of amendments to existing laws to combat the financing of terrorism and money laundering. New amendments will impose new requirements and restrictions on local cryptocurrency platforms. The report was published by the local edition of FocusTaiwan on November 2.

According to the latest changes in legislation, the unicameral legislature of China in Taiwan gave the Taiwan Financial Supervision Commission (FSC) appropriate powers to allow bans on anonymous cryptocurrency transactions.

Thus, FSC has the right to require cryptocurrency platforms to register new users only if they use real personal data. In the event that cryptocurrency companies refuse to comply with the established requirements, banks have the right to block transactions and notify the regulator if they consider transactions suspicious.

The Taiwan Ministry of Justice noted that the new rules comply with international trends and established standards for combating money laundering and the financing of terrorism. Also, the ministry noted that these rules will help develop a certain behavioral model among local cryptocurrency companies and traders.

Also, the ministry noted that the adopted amendments do not cover all existing problems, but the government plans to work on regulating the cryptocurrency sector in the future. Consideration of the next package of amendments is scheduled for the period from 5 to 16 November, when the Asia-Pacific Money Laundering Group (APG) will be hearing.

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