Miners Look towards Taiwan as next Crypto Haven

[RSRS]

Taiwan introduced its new anti-money laundering (AML) regulations for crypto assets On July 1
Cryptocurrency advocates consider local laws as particularly harsh
Taiwan is much more permissive, say, experts, MaiCoin working without a hitch
The recent crackdown by the Communist Government of China against cryptocurrencies, including mining, has led to an exodus of miners, which is being dubbed as the great mining migration. So Taiwan can become a logical choice for miners since it is the nearest nation to mainland China. However, the big question is –Can Cryptocurrency thrive in Taiwan?

The cryptocurrency world is in a state of turmoil. With the Chinese state blitzkrieg hell-bent on steamrolling all cryptocurrency activities, one might wonder if Taiwan can become the next hub for cryptocurrency trade.

When the question was put to a prominent Taiwanese crypto lawyer Will Tseng, he recommended Singapore as a possible destination since regulations are much clearer.

New anti-money laundering (AML) regulations for crypto assets
Taiwan introduced its new anti-money laundering (AML) regulations for crypto assets On July 1. Eight crypto exchanges were chosen by Taiwan’s financial watchdog, the FSC, for implementing the first stage of the new regulations. The effect of the new regulation was broad since three of the eight cryptocurrency exchanges ceased operations. The latest anti-money laundering (AML) requirements include reporting transactions exceeding 500,000 New Taiwan dollars (around US$18,000) to the bureau of investigation (FIU). 

The cryptocurrency industry as a whole considers Taiwanese local laws as particularly harsh. Prominent Taiwanese lawmaker Jason Hsu had campaigned to include virtual currency service providers financial institutions into the list of financial institutions required to comply with Taiwan’s Money Laundering Control Act.

Several Decentralized finance and blockchain firms have made Taiwan it’s home. Crypto Token companies have also set up engineering, sales, and marketing teams in Taiwan and are also employing local engineers, Hsu said.

Sourch