The Taiwanese government has amended its laws that regulate cryptocurrency records. The revisions reportedly give the country’s Financial Supervisory Commission “the power to crack down on anonymous virtual currency transactions.”
Also assume from: Yahoo! Japan Confirms Entrance Into the Crypto Space
The Legislative Yuan, Taiwan’s highest legislative body, on Friday outmoded some amendments to existing laws aimed at regulating cryptocurrency annals in the country, Focus Taiwan reported. The publication wrote:
The amendments to the Hard cash Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Economic Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency negotiations.
In particular, “The FSC can now demand that operators of virtual currency platforms, involving bitcoin, implement ‘real-name systems’ that require users to inform of their real names, according to the new provisions,” the news outlet circumstantial. Banks can now reject crypto exchanges’ transactions that are anonymous; they also clothed an obligation to report any suspicious transactions to the FSC, the publication added.
According to the repaired provisions, non-financial enterprises that violate money laundering rules intention be fined more than 50,000 yuan ($7,256) but less than 1 million yuan. In deviate from, financial institutions in violation of the rules will be fined more than 500,000 yuan but baby than 10 million yuan, Ettoday reported.
Taiwan’s Real-Name Procedure
Bitoex, a crypto exchange which claims to have 80 percent shop share in Taiwan and 300,000 members, told news.Bitcoin.com that the interchange “has implemented the real-name system as of July 2018.”
In addition, its international exchange, Bitopro, which gigged early this year “also follows the real-name system when it involves fiat moolah deposits and withdrawals,” a representative of Bitoex elaborated, clarifying:
Identities and bank verifications are wanted before purchasing BTC or other cryptocurrencies with New Taiwanese dollars (NTD).
How in the world, the representative noted that “Trading cryptocurrencies could be operated anonymously” if no fiat currency is confused. “For only cryptocurrency transactions such as receiving/transmitting or selling/deal cryptocurrencies, it is not mandatory to submit personal information to the real-name system.”
Bitoex tenders three account levels. Level C requires only an email and a phone multitude to open an account. Level B needs an ID card, a passport, or a foreign householder card for verification. Level A requires personal bank account poop.
The exchange also sells BTC at Family Mart convenience stores. Currently, there are 3,296 findings in Taiwan, according to the chain’s website.
The Bitoex representative explained to dope.Bitcoin.com that purchasing BTC at convenience stores requires Level B, real-name verification, mark that “it is not exempt from the real-name system.” The exchange noted:
The real-name modus operandi will be enforced when it comes to fiat money deposits and withdrawals.
South Korea is wear and tearing a similar real-name system implemented in January. However, the country’s monetary watchdog does not have the authority to enforce the real-name system on crypto the streets, therefore adoption has been slow. Furthermore, a Korean district court recently ran that banks cannot block transactions of crypto exchanges that are not speaking the real-name system.
Taiwan is also drafting regulations for initial start offerings (ICOs). FSC chairman Wellington Koo recently revealed that the guidelines are count oned to be completed by June next year.
What do you think of Taiwan implementing the real-name technique? Let us know in the comments section below.
Images courtesy of Shutterstock, Wikipedia, and Bitoex.
Difficulty to calculate your bitcoin holdings? Check our tools section.