The Financial Supervisory Commission is to set up new money laundering regulations for the nation’s cryptocurrency exchanges from July 1, requiring them to report transactions valued at more than NT$500,000 (US$17,770), the commission said yesterday.
The move came after the Executive Yuan earlier this month demanded that the commission establish regulations to prevent money laundering in the cryptocurrency industry.
The cryptocurrency industry includes local trading platforms for cryptocurrencies, cryptocurrency wallet providers and firms that conduct security token offerings, the Executive Yuan said.
Photo: Kelson Wang, Taipei Times
The commission plans to require cryptocurrency exchanges to report any transaction of more than NT$500,000 conducted in cash, or an equivalent amount denominated in a foreign currency, Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) told a news conference in New Taipei City.
That is in line with the commission’s money laundering requirements for conventional banks, Lin said.
However, investors are unlikely to buy bitcoin with more than NT$500,000 in cash, as most exchanges require clients to link their bank accounts to their trading services, a commission official surnamed Yen (顏) said.
The BitoPro (幣託) exchange does allow clients to pay with cash at local convenience stores, but the amounts are limited to NT$20,000 at a single store, the official said.
For trades between different types of cryptocurrency — such as investors exchanging ether for bitcoin — the commission is to require exchanges to report large transactions and to ensure they fulfill the “know your customer” requirements, Lin said.
The commission is to hold a public hearing next month with eight local exchanges, including Maicoin Ltd (現代財富科技), Ace Digital Innovations Co Ltd (王牌數位創新) and BitoPro, he said.
While some exchanges have reportedly required their clients to reopen their accounts to fulfill the “know your customer” requirements, the commission had not issued such an order, Lin said.
The commission’s regulation of the industry is to focus on customer identity authentication and “know your customer” requirements, personal data storage and information security, Lin added.
Companies that fail to comply with the new regulations would face fines of up to NT$10 million, the commission said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) last week recorded an increase in the number of shareholders to the highest in almost eight months, despite its share price falling 3.38 percent from the previous week, Taiwan Stock Exchange data released on Saturday showed. As of Friday, TSMC had 1.88 million shareholders, the most since the week of April 25 and an increase of 31,870 from the previous week, the data showed. The number of shareholders jumped despite a drop of NT$50 (US$1.59), or 3.38 percent, in TSMC’s share price from a week earlier to NT$1,430, as investors took profits from their earlier gains
In a high-security Shenzhen laboratory, Chinese scientists have built what Washington has spent years trying to prevent: a prototype of a machine capable of producing the cutting-edge semiconductor chips that power artificial intelligence (AI), smartphones and weapons central to Western military dominance, Reuters has learned. Completed early this year and undergoing testing, the prototype fills nearly an entire factory floor. It was built by a team of former engineers from Dutch semiconductor giant ASML who reverse-engineered the company’s extreme ultraviolet lithography (EUV) machines, according to two people with knowledge of the project. EUV machines sit at the heart of a technological Cold
AI TALENT: No financial details were released about the deal, in which top Groq executives, including its CEO, would join Nvidia to help advance the technology Nvidia Corp has agreed to a licensing deal with artificial intelligence (AI) start-up Groq, furthering its investments in companies connected to the AI boom and gaining the right to add a new type of technology to its products. The world’s largest publicly traded company has paid for the right to use Groq’s technology and is to integrate its chip design into future products. Some of the start-up’s executives are leaving to join Nvidia to help with that effort, the companies said. Groq would continue as an independent company with a new chief executive, it said on Wednesday in a post on its Web
CHINA RIVAL: The chips are positioned to compete with Nvidia’s Hopper and Blackwell products and would enable clusters connecting more than 100,000 chips Moore Threads Technology Co (摩爾線程) introduced a new generation of chips aimed at reducing artificial intelligence (AI) developers’ dependence on Nvidia Corp’s hardware, just weeks after pulling off one of the most successful Chinese initial public offerings (IPOs) in years. “These products will significantly enhance world-class computing speed and capabilities that all developers aspire to,” Moore Threads CEO Zhang Jianzhong (張建中), a former Nvidia executive, said on Saturday at a company event in Beijing. “We hope they can meet the needs of more developers in China so that you no longer need to wait for advanced foreign products.” Chinese chipmakers are in
RSS