Altcoins Talks - Cryptocurrency Forum
Further Discussions => Legality & Taxation of Cryptos => Topic started by: Goodcat49 on November 11, 2018, 07:05:31 PM
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The government of Taiwan this week enforced laws on unidentified crypto transactions, as it purportedly requested all digital currency exchanges working within its borders to fully establish the identity of their clients via effective know-your-customer (KYC) checks.
The effort was done by amending laws which target terrorism financing and money laundering. Currently, the local banks can't allow any unidentified transactions. The new regulations demands the local banks to report these anonymous transactions to the Financial Supervisory Commission Taiwan
“The amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Financial Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency transactions.”
Regulation Makes Peer-to-Peer Exchanges More Impressive
The rising regulations on the acquisition of digital currency sets peer-to-peer exchanges and methods of trading more alluring. Services like CoinCola allow for over-the-counter selling and buying for crypto for different payment methods with limited identifying data for minute amounts, according to dashforce.
However, several platforms still need identification at particular levels, and any platform operated by a central firm will innately have vulnerabilities to future regulations, as evidenced by ShapeShift, which previously allowed clients to transact without creating an account, but recently announced that it had been constrained to introduce customer control requirements.
Because of that, honestly peer-to-peer clients like Bisq, as well as trading in person at meetups, are the most trustworthy private methods of selling and buying crypto, since there exists no central service to target. Several of these alternatives remain underdeveloped and very hard to apply, but with rising demand they halsen to provide a better experience.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/taiwan-government-enforces-laws/
(https://coinidol.com/upload/resize_cache/iblock/8d1/900_900_1/8d1c8c73d2c4dfe72c94efe8d54d65bc.png)