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.
On Ireland’s blustery western seaboard, researchers are gleefully flying giant kites — not for fun, but in the hope of generating renewable electricity and sparking a “revolution” in wind energy. “We use a kite to capture the wind and a generator at the bottom of it that captures the power,” said Padraic Doherty of Kitepower, the Dutch firm behind the venture. At its test site in operation since September 2023 near the small town of Bangor Erris, the team transports the vast 60-square-meter kite from a hangar across the lunar-like bogland to a generator. The kite is then attached by a
Foxconn Technology Co (鴻準精密), a metal casing supplier owned by Hon Hai Precision Industry Co (鴻海精密), yesterday announced plans to invest US$1 billion in the US over the next decade as part of its business transformation strategy. The Apple Inc supplier said in a statement that its board approved the investment on Thursday, as part of a transformation strategy focused on precision mold development, smart manufacturing, robotics and advanced automation. The strategy would have a strong emphasis on artificial intelligence (AI), the company added. The company said it aims to build a flexible, intelligent production ecosystem to boost competitiveness and sustainability. Foxconn
Leading Taiwanese bicycle brands Giant Manufacturing Co (巨大機械) and Merida Industry Co (美利達工業) on Sunday said that they have adopted measures to mitigate the impact of the tariff policies of US President Donald Trump’s administration. The US announced at the beginning of this month that it would impose a 20 percent tariff on imported goods made in Taiwan, effective on Thursday last week. The tariff would be added to other pre-existing most-favored-nation duties and industry-specific trade remedy levy, which would bring the overall tariff on Taiwan-made bicycles to between 25.5 percent and 31 percent. However, Giant did not seem too perturbed by the
TARIFF CONCERNS: Semiconductor suppliers are tempering expectations for the traditionally strong third quarter, citing US tariff uncertainty and a stronger NT dollar Several Taiwanese semiconductor suppliers are taking a cautious view of the third quarter — typically a peak season for the industry — citing uncertainty over US tariffs and the stronger New Taiwan dollar. Smartphone chip designer MediaTek Inc (聯發科技) said that customers accelerated orders in the first half of the year to avoid potential tariffs threatened by US President Donald Trump’s administration. As a result, it anticipates weaker-than-usual peak-season demand in the third quarter. The US tariff plan, announced on April 2, initially proposed a 32 percent duty on Taiwanese goods. Its implementation was postponed by 90 days to July 9, then
RSS