Taiwan's Reach Into Cryptocurrency
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The use of cryptocurrency in Taiwan has been accredited to the countries near 99% literacy rate and entrepreneurial friendly laws. Tech startups in Taiwan jumped at the chance to implement cryptocurrency into the market and compete globally.
One controversial decision Taiwan has made with cryptocurrency is the implementation of several acts to regulate anonymous virtual currency transactions. The amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Financial Supervisory Commission (FSC) the authority to crack down on anonymous cryptocurrency transactions. The FSC can now demand that operators of online cryptocurrency platforms, including bitcoin, implement ‘real-name systems’ that require users to register their real names. I personally think this implementation is in response to the quantity of users and the risk with anonymous financial transactions and that the real name system could potentially be a model for other countries that decided to adapt cryptocurrency.
Officials in Taiwan worry about the systematic use of cryptocurrency to lure investors into financial schemes. Just recently in Taipei 15 suspects were arrested for fraud in a cryptocurrency scam that stole over 8 million dollars in investments. The scammers used social media to lure potential investors and promised massive returns.
For more information about the IBCoin scam click the link below:
https://www.ccn.com/15-suspects-arrested-in-alleged-8-million-taiwan-cryptocurrency-scam
One controversial decision Taiwan has made with cryptocurrency is the implementation of several acts to regulate anonymous virtual currency transactions. The amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Financial Supervisory Commission (FSC) the authority to crack down on anonymous cryptocurrency transactions. The FSC can now demand that operators of online cryptocurrency platforms, including bitcoin, implement ‘real-name systems’ that require users to register their real names. I personally think this implementation is in response to the quantity of users and the risk with anonymous financial transactions and that the real name system could potentially be a model for other countries that decided to adapt cryptocurrency.
Officials in Taiwan worry about the systematic use of cryptocurrency to lure investors into financial schemes. Just recently in Taipei 15 suspects were arrested for fraud in a cryptocurrency scam that stole over 8 million dollars in investments. The scammers used social media to lure potential investors and promised massive returns.
For more information about the IBCoin scam click the link below:
https://www.ccn.com/15-suspects-arrested-in-alleged-8-million-taiwan-cryptocurrency-scam
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