Taiwan bans anonymous transactions with cryptocurrencies

In Taiwan, anonymous transactions with digital assets are prohibited, so all operators must apply real-name systems

With the amendments to the Money Laundering Control Law and the Prevention of Terrorist Financing Law, the Taiwanese authorities seek to combat online financial crimes and end anonymous transactions in cryptocurrencies.

The new legislation indicates that those non-financial companies that violate money laundering rules may be charged with fines between 50,000 yuan and 1 million yuan. In the case of financial companies, the fines will be between 500,000 yuan and 10 million yuan.

Taiwan has been working on a regulatory framework for digital currencies. In April, it was announced that the new measures to minimize money laundering and other crimes would begin to be disseminated by November. In turn, the president of the Central Bank of Taiwan, Yang Chin-long, proposed to subject the commercial operations with bitcoin to the existing legislation against money laundering.

The Ministry of Justice ruled on the reforms and said the amendments not only align Taiwan more closely with international standards, but also make the anti-money laundering system more comprehensive.

Taiwan opened the doors to the cryptoactives industry, encouraging its development. However, all the dynamics that involve ecosystem companies are highly regulated to avoid financial illicit and protect investors.


Source:  InfoCoin

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