Link copied 
The Legislative Yuan, the Taiwan-based unicameral legislature of the Republic of China, has passed amendments to the country’s existing anti-money laundering and terrorism financing prevention laws that regulate cryptocurrency transactions, Focus Taiwan reported.
On Friday, the legislature amended the Money Laundering Control Act and the Terrorism Financing Prevention Act to give the Financial Supervisory Commission (FSC) “the authority to crack down on anonymous virtual currency transactions.”
Under the new provisions, the FSC will now have the authority to demand the operators of cryptocurrency platforms to implement “real-name systems,” requiring users to register using their real names. Banks, in turn, would be able to reject the anonymous cryptocurrency transactions and report them to the FSC if deemed suspicious.
Referring to a report from Ettoday, Bitcoin.com reported the new provisions also include the fines that will be imposed on financial and non-financial institutions if they violate anti-money laundering rules – non-financial enterprises will be fined more than 50,000 yuan ($7,256) but less than 1 million yuan, while financial institutions will be fined more than 500,000 yuan but less than 10 million yuan.
“In view of the recent international attention and demand for the inclusion of virtual assets in the money laundering prevention regulations, this revision also incorporates the virtual currency platform and the transaction business, which not only conforms to international norms, but also complements China's money laundering prevention system,” Taiwan’s Ministry of Justice said (loosely translated).
The ministry expects that the new amendments will help the country perform better in its upcoming evaluation by the Asia/Pacific Group on Money Laundering (APG), which will take place from November 5 to 16.
Taiwan is also drafting regulation for initial coin offerings (ICOs) and the guidelines are expected to be completed by June 2019.
