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Bitcoin regulation: Taiwan puts a stop to money laundering

Bitcoin, money laundering and terrorism is a threesome that has long been in the minds of Bitcoin critics. To tackle this problem, governments are working with authorities from different nations to try to create guidelines. Today: Taiwan.

The fact that Bitcoin is not particularly suitable for money laundering or the financing of terrorism is now well known. Although some privacy coins may look better for such purposes, there are still regulations by regulators that prevent (or attempt to prevent) this. The corresponding Bitcoin regulatory approaches are currently coming from Taiwan.

There, the legislator has now expanded the money laundering regulations to make money laundering by Bitcoin and other crypto currencies significantly more difficult in the future. As Focus Taiwan reports, the regulations came into force on 2 November. The new regulation now gives Taiwan’s financial supervisory authorities the opportunity to stop anonymous financial transactions.

Safe Bitcoin stock exchanges are booming

To this end, the authority may request Bitcoin exchanges to introduce “clear name systems”. Such approaches already exist in South Korea. After suspicions of insider training by government officials, such as hacks and poor security systems, the government introduced a clear name system there, which stipulates that you can only trade on Bitcoin exchanges if you have your identity registered and verified beyond doubt.

Update to improve system

If customers in Taiwan now refuse to comply with these guidelines, banks will be asked to reject the transfers. It also urges financial regulators to report suspicious cases to the authorities. According to the country’s Ministry of Justice, the innovation is expected to strengthen the existing general anti-money laundering law.

This was introduced by the government in 2016, but so far has not completely prevented money laundering incidents. The government and the legislator are expecting the current update to give the Asia/Pacific Group’s forthcoming evaluation from 5 to 16 November a significantly better performance than before in terms of security issues.

About Taiwan

Taiwan is an island off the Chinese mainland in the West Pacific, separated by the Taiwan Strait. Taiwan was incorporated into the Republic of China in 1945 after the end of the Second World War and the defeat of the Japanese. It has formed the main part of the republic since 1949, after Chiang Kai-Shek’s troops retreated to the island after the lost civil war against Mao Zedong’s Red Army. At the same time, Taiwan is claimed by the People’s Republic of China, but has never been controlled by it.

Taiwan’s rapid industrialization and economic growth during the second half of the 20th century is referred to as “The Taiwan Miracle” or Taiwan’s economic miracle. With Singapore, South Korea and Hong Kong, Taiwan is one of the four “tiger states”.

Climate

The Tropic of Cancer, which marks the climate boundary between the tropics and subtropics, crosses Taiwan at the highest elevation of 3,952 meters, the Yu Shan. The northern part has a subtropical climate, while the south is predominantly tropical, taking into account the climatic influence of the respective altitude. Due to the high mountains, a temperate climate is also to be found in the southern part of the region at high altitudes, which is mainly characterised by fluctuations in the time of day.

In winter a strong monsoon blows from the northeast, in summer a strong monsoon from the southwest, which brings heavy rainfall. The island is frequently hit by typhoons from May to October. In winter there are occasional snowfalls at altitudes above 3,000 metres. One of the best known places for this is Hehuanshan, located on a 3,275-metre-high pass road in Nantou County. The average temperatures are 12 °C in February and 25 °C in July.

Origin of the name

The Chinese “taiwan” means terraced beach and alludes to the artificial rice terraces widespread in the country.