Providers of automated teller machines (ATMs) that allow people to purchase cryptocurrencies with cash have to comply with anti-money laundering (AML) regulations and conduct know-your-customer (KYC) practices, or face a penalty, the Financial Supervisory Commission (FSC) said yesterday.
The FSC made the remarks following a nearly month-long investigation after Chinese Nationalist Party (KMT) Legislator Lai Shyh-bao (賴士葆) on Dec. 23 raised questions about the machines’ operations during a meeting of the legislature’s Finance Committee.
The commission found that there are at least 24 bitcoin ATMs in Taiwan, which are operated by different companies for different purposes, Banking Bureau Chief Secretary Phil Tong