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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. ....
Mobile payments more than double to NT$240.7 billion 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.
To revive the nation’s reverse mortgage policy, the Financial Supervisory Commission (FSC) said it would hold talks with the Ministry of Health and Welfare to optimize existing measures. As the momentum of the policy had slowed over the past few years, the FSC aims to explore if it is possible to link the policy to social benefit programs, it said. Newly approved reverse mortgages totaled NT$4.8 billion (US$169,575 million) last year, the lowest since the policy was launched in 2015, FSC data showed. From 2016 to 2019, annual reverse mortgages were NT$6.2 billion, NT$5.5 billion, NT$5 billion and NT$5.8 billion respectively, it showed. The ....
(Photo courtesy of LINE) (Photo courtesy of LINE) The Financial Supervisory Commission (FSC) on Thursday (Feb. 4) issued Web-only LINE Bank an operating license to open a virtual bank in Taiwan, with plans to launch operations in the first half of the year. In the initial stage, the virtual bank will focus on deposits, wire transfers, debit cards, and personal credit loans, LINE Bank said in a statement. Since being approved to launch an internet-only bank in Taiwan in 2019, LINE Bank has fully cooperated with regulators in terms of related inspections, and actively sought to have its businesses connected to regulatory systems. ....
Line Bank eyes mid-March pilot run By Kao Shih-ching / Staff reporter The Web-only Line Bank Taiwan Ltd (連線商業銀行), granted an operating license by the Financial Supervisory Commission on Thursday, aims to conduct a pilot run in six weeks. Line Bank is the second virtual bank to gain a license from the regulator after Rakuten International Commercial Bank (樂天國際商銀) received one on Dec. 8 last year. Prior to its pilot run, Line Bank must connect its information system to the central bank and the Central Deposit Insurance Corp (中央存保), and sign a contract with Visa Taiwan Co (台灣威士卡), Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said. Line Bank Taiwan Ltd general manager Morris Huang poses at a Line booth in an undated photograph. The Web-only bank was granted an operating license by the Financial Supervisory Commission on Thursday, and it plans to conduct a pilot run in six weeks. ....