New cryptocurrency rules to take effect on July 1
NO MONEY LAUNDERING: Banking Bureau Deputy Director-General Lin Chih-chi said transactions of more than NT$500,000 conducted in cash would need to be reported
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission is to set up new money laundering regulations for the nation’s cryptocurrency exchanges from July 1, requiring them to report transactions valued at more than NT$500,000 (US$17,770), the commission said yesterday.
The move came after the Executive Yuan earlier this month demanded that the commission establish regulations to prevent money laundering in the cryptocurrency industry.
The cryptocurrency industry includes local trading platforms for cryptocurrencies, cryptocurrency wallet providers and firms that conduct security token offerings, the Executive Yuan said.
Yuan deposits at banks fall as investors flock to stocks
FUNDING BONDS: Yuan deposits at offshore banking units fell 13.12 percent after a tech firm converted its US dollar holdings to Chinese yuan
By Crystal Hsu / Staff reporter
Chinese yuan deposits held by local banks last month fell 1.95 percent from one month earlier to 241.63 billion yuan (US$2.87 billion) as local retail investors preferred equities over currency investments, the central bank said yesterday.
The latest yuan balance marked a four-month low and a monthly drop of 4.804 billion yuan, although yuan deposits deliver relatively high interest rates, compared with those of New Taiwan dollar deposits.
Next Bank head resigned over costly IT: legislator
FORCED OUT? Liu i-cheng, who left his position as the bank’s general-manager in March, said that he does not know of a purchase that allegedly led to his ouster
By Kao Shih-ching / Staff reporter
Next Bank (將來銀行) has allegedly acquired an overpriced IT system developed by its biggest shareholder, Chunghwa Telecom Co (中華電信), despite the doubts of former general manager Liu I-cheng (劉奕成) and the bank’s compliance and financial departments, Chinese Nationalist Party (KMT) Legislator Alex Fai (費鴻泰) said yesterday.
Liu on March 18 resigned over the deal, Fai told a meeting of the legislature’s Finance Committee in Taipei, citing a source at the Web-only bank who objected to the purchase.
Taishin Financial upbeat over income, silent on life deal
By Kao Shih-ching / Staff reporter
Taishin Financial Holding Co (台新金控) yesterday gave a rosy outlook for fee income and the interest rate spread this year, but was silent on progress toward acquiring Prudential Life Insurance Co of Taiwan (保德信人壽).
Taishin Financial in December last year submitted an application with the Financial Supervisory Commission (FSC) regarding its bid for the local unit of US-based Prudential Financial Inc.
The commission has not yet approved the deal and on Monday said that Taishin Financial had failed to explain the financial resources it would use for the acquisition.
More firms to file reports in English taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.