Taiwan revises legislation to cover crypto transactions

Posted 05 November, 2018

Taiwan revised and amended the existing rules striving to enable financial authority to fight against anonymous crypto transactions.

The local news agency stated that Taiwanese government during the Legislative Yuan expanded the legislation last Friday, so now crypto transactions are subject to the anti-money laundering and terrorism funding prevention regulation. 

As a result, the Financial Supervisory Commission can require KYC data provided by investors from crypto exchanges. Moreover, the new rules cover that the exchanges must require real names for registration otherwise banks can refuse from executing money transfers and report about such deals to the corresponding authorities. 

These changes are said to come after the recent proposal of one of the officials saying that Taiwan may consider new regulated business sector for crypto start-ups. Specifically, transactions of cryptos must comply with the anti-money laundering policy. As an example, it was noted the legal framework implemented in the EU.

Following the rules revision, the Ministry of Justice believes that with this step country's legislation more corresponds to the global standards, while its AML policy becomes more comprehensive.

It is also worth mentioning that Taiwan is going to create the national standard for ICO, as the report reads. 

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05 November, 2018 17:20

← BitMEX unveils new crypto instrument

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BitMEX unveils new crypto instrument

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05 November, 2018 14:38

Turkish police arrest group of crypto hackers →

Monday, November 5, 11 suspects in bitcoin theft have been arrested in Turkey. Turkish law enforcement bodies arrested a group of 11 people suspected in illegal possession of more than $80,000 in terms of bitcoin. These actions were based on the previous requests by 14 people saying that their wallets had been hacked. The total loss amounts to TRY 437,000. The police think that the hackers have already transferred money to many accounts to puzzle tracking and exchange into fiats later. One out of 11 suspects that were arrested was released with court supervision, while  the rest of the group remains under arrest.

Turkish police arrest group of crypto hackers
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