Taiwan Government Bans Anonymous Crypto Transactions

[kreslik.news]

The government of Taiwan has ordered that users of cryptocurrency trading websites must reveal their real names, according to Focus Taiwan.

500,000 yuan fine

The changes were made by amending laws pertaining to money laundering and financing terrorism. Banks have been empowered to reject anonymous transfers and report them to the Financial Supervisory Commission, the country’s financial watchdog.

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Fines have been introduced of 50,000 yuan for non-financial enterprises, and 500,000 for financial institutions.

In a statement, the country’s Ministry of Justice said that national law regarding financial crime had not been amended since 2016, and the changes ... (read more)