Taiwan Cracks Down on Anonymous Cryptocurrency Transactions

The government of Taiwan has recently cracked down on anonymous cryptocurrency transaction, as it reportedly ordered cryptocurrency exchanges operating in the country to identify their users through know-your-customer (KYC) checks.

According to Finance Magnates, the move was made by amending laws related to money laundering and terrorism finance. New regulations now allow local banks to reject anonymous transactions, which they should report to the country’s financial watchdog, the Financial Supervisory Commission.

Through a statement, Taiwan’s Ministry of Justice revealed that national laws regarding financial crimes hadn’t been amended for two years, and the changes will “align Taiwan more closely with the rest of the world.” To ensure these are enforced, fines of up to 50,000 yuan ($7,200) for individuals and 500,000 yuan ($72,000) for financial institutions have been introduced.

The move sees Taiwan follow in the footsteps of the EU…