Taiwan Tightening Crypto Trading Platforms to Prevent Money Laundering.

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The Independent Commission Against Corruption highlighted the fact that Taiwan has scored 68 points on the Global Delight impression index, ranking it 25th in the world and surpassing 86% of countries.

This demonstrates that Taiwan’s construction of integrity has attracted international recognition as a result of the high level of innovation.

Government officials in Taiwan may soon be required to report crypto ownership.

The Legal Department is working on amending the statute that governs public officials’ property declarations to include virtual currency. Public officials should declare ownership of virtual currency, despite the fact that it is not widely used but still possesses significant value.

Because digital currencies like Ether, Bitcoin, and others have emerged as new tools for money laundering, the Ministry of Legal Affairs and the Independent Commission Against Corruption plan to include virtual currency in the public official property declaration law. Furthermore, they should declare the scope of property.

According to the findings of the Independent Commission Against Corruption, the use of virtual currencies, which are also referred to as “virtual currency,” is not yet widespread in Taiwan either as a mode of payment or by financial institutions. Due to the fact that there is a chance of governments taking money laundering into consideration, the trading platform sector and the virtual currency industry have recently been brought within the umbrella of anti-money laundering efforts.