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.