Taiwan New AML Law For Crypto Exchanges By 1 July

Taiwan’s new anti money laundering law will be applicable for all those Cryptocurrency exchanges which are operating their business in the Taiwan region. This AML law will come into effect by 1 July.

 According to Taiwan’s Financial Supervisory Commission, the new rules guidance for Cryptocurrency exchanges to operate their services are ready. And they have to follow them strictly. 

And all the Exchanges in Taiwan should report about the transactions over $17,900.

The new rules also involve the deep KYC verification of the user. According to new rules for KYC verification, Exchanges should follow step by step procedure to ensure whether a Cryptocurrency user is giving his details of document verification perfectly or not.

The new rules that are ready to implement on the Cryptocurrency exchanges are specially for ACE Exchange, MaiCoin Ltd. and BitoPro. 

These three exchanges are based in the Taiwan local region. 

Wayne Huang,a cybersecurity expert and co-founder of XREX Inc. already talked about this matter that FSC is specially designing new rules criteria to follow by Exchange. These new rules are specially designed for exchanges which are based on Taiwan region, read the full article here.

David Pan, director and adviser at ACE Exchange, said that, with new laws and rules of Taiwan for Cryptocurrency exchanges to operate, Government authorities and entities will remain in full connection to observe every possible illegal activity.

Since the Government of Taiwan enables their citizens to buy & sell Cryptocurrency with full legal laws. But still they wanted about it many times and recently they said about it 

” Cryptocurrency investments are Highly risky and speculation based things. Don’t take any action blindly. And none of the Cryptocurrencies are authorised by the government”.

Read also: 650 US Banks Will Offer Crypto Purchase Facility