Cryptocurrency

05/11/18 09:24 UTC-4

Taiwan's legislation amended cryptocurrency laws

Taiwan approved amendments to current cryptocurrency laws
Taiwan approved amendments to current cryptocurrency laws

On November 2, the highest legislature in Taiwan approved amendments to existing laws, which allowed the country's regulator to deal with anonymous cryptocurrency transactions, as reported by the publication Taiwan Focus.

On Friday, November 2, the Legislative Yuan of Taiwan approved the proposal, according to which: cryptocurrency transactions fall within the scope of the already existing "Money Laundering Laws".

During the meeting, changes were made to the documents. The amendments were proposed and made to the "Law on the Suppression of Money Laundering" and the "Law on the Prevention of the Financing of Terrorism". According to them, the Financial Supervision Commission (FSC) –Taiwan financial regulator – can now collect KYC information about cryptocurrency investors from tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
platforms.

In accordance with the amendments, cryptocurrency platforms are now obliged to request real data from their users during registration (names, place of residence). In addition, crypto-platforms are required to report all "suspicious" (anonymous) transactions to the authorities.

The Ministry of Justice of Taiwan (MOJ) has aligned the country's laws with internationally accepted norms against illegal money-laundering.

The changes followed a sharp remark by a Taiwanese politician, Jason Hsu, who in early October sought to enforce the similar framework used in the EU Anti-Money Laundering Directive.

Hsu, a congressman from the Nationalist Party of Taiwan, opposed calls for a ban on the cryptocurrency market. Instead, he urged Taiwan to take a different stance against the hostile positions of neighboring China and South Korea.

"We have to emulate Japan, where they see a cryptocurrency market as a highly regulated, controlled financial industry, such as securities." – Congressman Jason Hsu.

Editor: Yuliya Soroka

See also: "Dash Text project: now Venezuelans will be able to receive and send cryptocurrency via SMS"

#cryptocurrency #transactions

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