Anti-money laundering acts amended to regulate virtual currencies

Focus Taiwan
Date: 2018/11/02
By: Liu Shih-yi and Chi Jo-yao 

Taipei, Nov. 2 (CNA) The Legislative Yuan passed amendments Friday to existing anti-money laundering and terrorism financing prevention laws that regulate transactions of virtual currencies such as bitcoin to help combat online financial crimes.

The amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Financial Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency transactions.

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.

If they don’t, banks can reject anonymous virtual currency transactions and report them to the FSC if they deem them suspicious.    [FULL  STORY]

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