Virtual Currency Included in Money Laundering Prevention Scope in Taiwan, China
On February 16, it was reported that the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, China, issued a…
On February 16, it was reported that the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, China, issued a press release saying that “virtual currency platform and transaction business” had been included in the scope of money laundering prevention in consideration of money laundering risks. In view of the fact that virtual currency also has considerable property value, the “Ministry of Legal Affairs” has recently actively discussed the inclusion of virtual currency in the scope of property to be declared under the Public Official Property Declaration Law.
The Independent Commission Against Corruption of the Ministry of Justice of Taiwan: Incorporate virtual currency into the scope of property to be declared under the Public Officials Property Declaration Law
Interpretation of the news:
In a press release dated February 16, 2021, the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, made an announcement stating that virtual currency platforms and transaction businesses would be included in the scope of money laundering prevention. This move was made by the ministry in response to the risks of money laundering associated with virtual currencies.
The decision was made in recognition of the fact that virtual currencies possess considerable property value, and the Ministry of Legal Affairs has been discussing its inclusion in the scope of property that must be declared under the Public Official Property Declaration Law. This law requires government officials to declare all their assets, which would include virtual currency if it is classified as property.
This move is significant as it marks a shift towards greater regulation of virtual currencies in Taiwan, China. Virtual currencies, also known as cryptocurrencies, have been a popular means of investment and transaction due to their decentralized nature and anonymity. However, their lack of regulation and association with illegal activities such as money laundering has raised concerns among governments and financial institutions worldwide.
The inclusion of virtual currency in the scope of property declared under the Public Official Property Declaration Law is particularly noteworthy as it signifies the Taiwanese government’s recognition of the value and legitimacy of virtual currencies as a form of property. This move could potentially lead to greater acceptance of cryptocurrencies by the government and the financial industry in Taiwan, China.
In conclusion, the decision by the Anti Corruption Section of the Ministry of Justice in Taiwan, China, to include virtual currency platforms and transaction businesses in the scope of money laundering prevention is a significant step towards greater regulation of virtual currencies. The consideration of virtual currency as property under the Public Official Property Declaration Law further highlights the Taiwanese government’s recognition of the value and legitimacy of virtual currencies. This move has the potential to pave the way for greater acceptance and regulation of virtual currencies in Taiwan, China, and could signify a trend towards greater regulation of cryptocurrencies across the globe.
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