Forkast.News that he would not worry too much about the potential impact brought by the new regulations.
“We’ve connected our system well with the criminal and investigative authorities, and we’ve already made lots of efforts in establishing KYC and anti-money laundering mechanisms,” Pan said.
The three major Taiwan-based exchanges – ACE, MaiCoin Ltd. and BitoPro – are “already doing pretty solid KYC,” said Wayne Huang, a cybersecurity expert and co-founder of XREX Inc., a Taipei-headquartered exchange and trade technology solutions provider.
“They (exchanges) might need to adopt some better technology. They might need to acquire some third-party technology to help them improve their AML (anti-money laundering) detection,” Huang said, adding that he doesn’t expect the major exchanges to be affected that much by the new rules.
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.