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Vitalik Buterin

Taiwan Bans Anonymous Crypto Transactions

Taiwan’s highest legislative body, the Legislative Yuan, has amended its laws that regulate cryptocurrency transactions.
According to Finance Magnates, on Friday, the amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act enables the country’s Financial Supervisory Commission (FSC) – Taiwan’s financial regulator – to gather KYC information of cryptocurrency investors from trading platforms.
In banning anonymous transactions, Taiwan is following in the footsteps of the EU Parliament and the Japan Virtual Currency Exchange Association, another self-regulatory organization, which took this step in December 2017 and June 2018 respectively.
In particular, “The FSC can now demand that operators of virtual currency platforms, including bitcoin, implement ‘real-name systems’ that require users to register their real names, according to the new provisions,” the news outlet detailed. Banks can now reject crypto exchanges’ transactions that are anonymous; they also have an obligation to report any suspicious transactions to the FSC, Focus Taiwan reported.
Non-financial enterprises that violate money laundering rules will be fined more than 50,000 yuan ($7,256) but less than 1 million yuan. In contrast, financial institutions in violation of the rules will be fined more than 500,000 yuan but less than 10 million yuan, Ettoday reported.
It is noteworthy that as reported in October, the chairman of Taiwan’s FSC has also revealed that the regulator is preparing guidelines for regulating initial coin offerings (ICOs) in the country.