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Taiwan To Amend Laws Against Anonymous Cryptocurrency Transactions

Government always amends legislations on regulating cryptocurrency, by forcing operators to specify the users with real names registration

Taiwan is following the government in showing amendments regarding laws on cryptocurrency transaction regulations. This territory’s Financial Supervisory Commission (FSC) holds the revision for the authority to crack down basically on anonymous cryptocurrency transactions.

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The highest legislative body at Taiwan, Legislative Yuan passes the amendments on Friday for the existing laws. According to Focus Taiwan reports, they aim to regulate cryptocurrency transactions within the country. The law amendments to the MLCA (Money Laundering Control Act) and TFPA (Terrorism Financing Prevention Act) gives FSC the authority to take down on anonymous cryptocurrency transactions.

Now, the FSC can demand the crypto operator’s platforms, including bitcoin, to implement the real name systems. According to the new provisions, the users need to register via their real names. Additionally, Banks can also reject the transactions of crypto exchanges which are anonymous. If they see suspicious transactions, they can hold an obligation and report it to the FSC.

According to the Ettoday reports, the amending provisions mention that if non-financial enterprises violate money-laundering rules, they will get fine of more than 50,000 Yuan ($7,256), however, less than 1 million Yuan. To be more specific, financial institutions that do not follow the rules will get fine of more than 500,000 Yuan, however, less than 10 million Yuan.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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