RATE Group | Taiwan Amends AML/CFT Laws, Includes Regulatory Requirements for Cryptocurrency Operatio…
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Taiwan Amends AML/CFT Laws, Includes Regulatory Requirements for Cryptocurrency Operatio…

02 Nov Taiwan Amends AML/CFT Laws, Includes Regulatory Requirements for Cryptocurrency Operatio…

Posted at 20:41h in Cryptocurrency News by

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Taiwan’s legislature has amended the country’s anti-money laundering and terrorism financing prevention laws to include regulatory requirements for cryptocurrency transactions.

Taiwan’s Anti Money Laundering Regulations for Cryptocurrency

According to Focus Taiwan, the amendments grant the country’s top financial regulator (FSC) the power to clamp down on anonymous cryptocurrency transactions. Beyond regulating digital currency transactions, the Financial Supervisory Commission (FSC) can also monitor crypto exchange operators.

Based on the new provisions, the FSC will mandate all cryptocurrency exchange platforms to operate a “real-name system.” Exchange operators must insist that users register with their real identities. Banks can halt anonymous transactions and report same to the financial regulator.

Speaking on the decision, the Ministry of Justice had this to say:

A compliance culture and mindset is an important part of effectively fighting money laundering, and…

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