Taiwan passed amendments to existing cryptocurrency regulations, empowering the Financial Supervisory Commission to demand cryptocurrency exchange operators implement changes that will crack down on anonymous transactions, BTC Manager reports. The Ministry of Justice said the changes to the anti-money laundering and Countering Finance Terrorism laws will allow Taiwan to better align with international standards. Under the amendments, banking organizations can reject anonymous transactions and report them to the FSC if they believe it to be a suspicious transaction. Nonfinancial enterprises found in violation of the new rules can face fines of 50,000 yuan to 1 million yuan, while financial institutions could face fines up to 10 million yuan.
Full Story