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World News

Taiwan FSC: No Anonymous Crypto Allowed

Ashton Felix

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taiwan-stops-anonymous-activities

The Taiwan parliament approved new amendments to the country’s legislation, according to which users of trading and exchange websites will be required to indicate their real name. Banks in the country will also block suspicious transactions and report them to the Financial Supervisory Commission (FSC).

Legislative Yuan adopted amendments to existing legislation aimed at regulating the circulation of crypto assets in the country this Friday. This was reported by the local edition of Focus Taiwan. Changes to the law on Anti-Money Laundering and the financing of terrorism (AML) give the Financial Supervisory Commission the authority to oppose anonymous transactions.

“Now, FSC will require platform operators with virtual currencies to specify and verify real names,” the publication notes.

Banks will be able to reject anonymous transfers from crypto exchanges. In addition, they will have to report all suspicious transactions to FSC. In addition, non-financial enterprises that violate AML will be fined not less than 50,000 yuan (a little more than $ 7,200). For financial institutions, the amount of the fine will be 10 times higher.

This indicates the clear Taiwan attitude towards introducing crypto to masses, but with a chance to regulate and with a way to tax the incomes. This is going to seem more as an example of the classic stock exchange market. This move generally looking good for cryptocurrency community and brings more trust for a potential future cryptocurrency user, showing that countries are trying to find the right way to softly implement it into the current economical structure without blowing it up.

Context  Potential Collaboration Between China and Venezuela on Oil Currency Development

Another question to consider, is this move an order from a Taiwan’s big brother?

Earlier, the FSC chairman announced plans to introduce regulation for ICO.

Ashton Felix is currently a contributing writer for multiple crypto news sites. He got his big break when he mined his first bitcoin back in 2012. He enjoys learning about new technology and travels throughout Asia in his spare time. Justin immediately fell in love with the culture and people of China. He is currently based out of Shenzhen and is fluent in Mandarin.

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