Taiwan’s Minister of Justice, Qiu Taisan, has called for cryptocurrency regulations to be in place by November in the interest of preventing money laundering.
Qui Taisan said the country’s Ministry of Interior, the Central Bank, the Bureau of Investigation and other entities will be involved in determining how to regulate bitcoin. Qui Taisan was interviewed during the financial industry money laundering conference held by the Taiwan Financial Services Coalition, according to the Central News Agency.
Government Studies Crypto Regulation
The government’s Legal Department invited two domestic virtual currency operators on April 10 to learn about virtual currency operations, the report noted. The department will be knowledgeable about “control mechanisms” prior to the Asia Pacific Anti-Money Laundering Organization in Taiwan at the end of November.
Gu Lixiong, the chairman of the Financial Supervision and Management Commission, also said the control of bitcoin and other virtual currencies is focused mainly on the prevention of money laundering. In order to prevent bitcoin from becoming a money laundering tool, the commission has asked banks to list the account of the bitcoin sales platform as a “high-risk account.”
A Change In Regulatory Outlook?
In October, Wellington Koo, then Taiwan’s Financial Supervisory Commission chairman, told a joint session of the parliament and the cabinet that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. Instead, the head of Taiwan’s financial regulator pledged to adopt a friendlier stance to support the development and adoption of both cryptocurrencies and blockchain technology in the country.
Last month, the new governor of Taiwan’s central bank, Yang Chin-long, expressed “uncertainty” over cryptocurrencies’ function as a payment instrument. He was asked about the matter after a number of central banking counterparts around the world explore a blockchain-based state cryptocurrency.
Yang Chin-long claimed cryptocurrencies aren’t working as payments, citing their speculative nature.
Source: https://www.ccn.com/taiwan-calls-for-aml-measures-for-cryptocurrency/
Topic: i heard bitcoin illegal in Taiwan...why? - page 3. (Read 13071 times)
taiwan thinks that it will create imbalance as bitcoin is a decentralized and unphysical currency.
the main reason is MONEY LAUNDER
Money laundering is usually considered in designing a legal framework when Bitcoin is discussed. Taiwan prohibits Bitcoin directly under existing Money Laundering laws. Money Laundering is a major legal issue with Bitcoin because of the ease of transferring money between countries, in seconds without monitoring. Although it can track Bitcoin purchases through banks, but when cash or other hard-to-track methods are used to get coins, they can be moved.
Using Bitcoin to launder money on a large scale is risky, due to the publication of the general ledger. The police are more advanced in studying how to analyze the publication of Bitcoin's ledger, to find out where the money goes. Money laundering is usually illegal in almost all jurisdictions, regardless of how it is done, although some have legal loopholes. Countries like South Korea have given legal advice that they will not ban Bitcoin, but for illegal activities such as money laundering using Bitcoin will be
Money laundering is usually considered in designing a legal framework when Bitcoin is discussed. Taiwan prohibits Bitcoin directly under existing Money Laundering laws. Money Laundering is a major legal issue with Bitcoin because of the ease of transferring money between countries, in seconds without monitoring. Although it can track Bitcoin purchases through banks, but when cash or other hard-to-track methods are used to get coins, they can be moved.
Using Bitcoin to launder money on a large scale is risky, due to the publication of the general ledger. The police are more advanced in studying how to analyze the publication of Bitcoin's ledger, to find out where the money goes. Money laundering is usually illegal in almost all jurisdictions, regardless of how it is done, although some have legal loopholes. Countries like South Korea have given legal advice that they will not ban Bitcoin, but for illegal activities such as money laundering using Bitcoin will be
Taiwan, since November 3, 2015. Reason: bitcoin hacking the most important reason is TAX
The subject of taxation is one of the main issues that often arise. Because of the anonymity of Bitcoin pseudo if used properly, the use of Bitcoin to hide assets and help reduce taxation is not too difficult as long as the person follows the precautions to do so. Bitcoin is often classified as an asset in many countries for tax purposes, such as in the United States. While bringing large amounts of foreign currency into a country can cause tax problems, carrying or storing Bitcoin private keys online, making it easier to carry money past checkpoints on the border, where you can liquidate them anytime in the country, effectively can pass this type of tax.
The subject of taxation is one of the main issues that often arise. Because of the anonymity of Bitcoin pseudo if used properly, the use of Bitcoin to hide assets and help reduce taxation is not too difficult as long as the person follows the precautions to do so. Bitcoin is often classified as an asset in many countries for tax purposes, such as in the United States. While bringing large amounts of foreign currency into a country can cause tax problems, carrying or storing Bitcoin private keys online, making it easier to carry money past checkpoints on the border, where you can liquidate them anytime in the country, effectively can pass this type of tax.
yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?
Your quetsion is very strange,first of all why do you think that they know the real reason?
smart leaders know that whole blockchain technology is a new chance to develope their technological and social spheres in the country and not only these spheres,so i think it may be because they have their own interest or in best case scenario they can not control virtual sphere,el.commerce,anyway look at America,this Country is trying to become more popular by their liberal approach because they value it and they see opportunities and not only criminal.yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?
Your quetsion is very strange,first of all why do you think that they know the real reason?
smart leaders know that whole blockchain technology is a new chance to develope their technological and social spheres in the country and not only these spheres,so i think it may be because they have their own interest or in best case scenario they can not control virtual sphere,el.commerce,anyway look at America,this Country is trying to become more popular by their liberal approach because they value it and they see opportunities and not only criminal. 
The fact that bitcoin can be used anonymously to transact between users, anywhere in the world, makes it very attractive to engage in criminal activity.
Thus, the government accused the digital currency of being a tool for criminal activities such as buying and selling illegal goods such as drugs and weapons. or for money laundering and tax evasion.
I think that's the reason of partly the government banning bitcoin and making it illegal.
Thus, the government accused the digital currency of being a tool for criminal activities such as buying and selling illegal goods such as drugs and weapons. or for money laundering and tax evasion.
I think that's the reason of partly the government banning bitcoin and making it illegal.
You shouldn't believe that nonsense. Governments don't care about what people use their coins for -- them pointing at Bitcoin being used for illegal purposes is just a smoke screen to hide their own motives. That's how they try to justify their actions so that it doesn't look like an attack solely on Bitcoin itself, don't fall for it. Most people are already aware of the fact that governments don't want you to enjoy one bit of freedom, and especially so when it comes to your finances. It's safe to say that when you as government control people's finances, you directly control the people. Bitcoin doesn't allow any central party to control your finances, which is something governments find worrying and frustrating -- that pretty much explains all these attack on Bitcoin.
yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?
The fact that bitcoin can be used anonymously to transact between users, anywhere in the world, makes it very attractive to engage in criminal activity.
Thus, the government accused the digital currency of being a tool for criminal activities such as buying and selling illegal goods such as drugs and weapons. or for money laundering and tax evasion.
I think that's the reason of partly the government banning bitcoin and making it illegal.
I'm not sure how Taiwan's law works,but that wouldn't violate US legal tender laws.Merchants are free to demand payment in anything they want (or reject dollars),so long as it is not to pay a debt.
yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?
Every state has different views on Bitcoin and cryptocurrency.
Some countries classify Bitcoin and other virtual currencies as money and legally, some classify them as assets and legal, some of them illegal and legal with no legal framework in place.
I think, the bitcoin legality will depend on who you are, where you live, and what you do with it.
yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?
As far as I know in some part of asia bitcoin still not implemented yet , bitcoin is still illegal for some country , such as the philippines and korea. And why they ban bitcoin or still illegal for some one reason , that's been debate for almost a year , the bad image of bitcoin said that bitcoin is a scam and not safe to invest , and another explanation is the lack of knowledge through bitcoin.
It is ot true, in fact Taiwan is one of the supportive countries in bitcoin services. So you don’t have nothing to worry about since all information you received are false or bluff.
From what I can see, they're just reminding people that bitcoin is 'not legal tender' in Taiwan – just like everywhere. Now whether this implies illegality, or a ban, depends on where you live I suppose but I doubt they'll be shutting down any Taiwanese exchanges.Headlines like this have the potential to scare away investors, though.
In our country also they use the same which says its not a legal tender. This means that the banks cannot use this . Now does it also means that business cannot use it and if it happens than country is on its way to ban the cypto currency in their country. If it starts happening than many country may ban this currency.
They can also make their currency strong by making it as comfortable as bitcoin. Crimes are not linked with bitcoin they are linked with the mentality of the people
I don't think Bitcoin is banned in Taiwan actually they have 2 exchanges that support bitcoin. Bitoex and Maicoin they can buy and sell transaction and its a gateway for fiat currency transferring to their banks accounts. They can buy at the convenience store like Hi-Life and Family Mart.
It's amazing that this topic is 6 pages long, starting from a typical rumor "I heard that...". To this day there are 5 Bitcoin ATM in Taiwan, 1 in the city where I live, I posted a picture of the ATM available in Tainan (South West of the country). Mining activity is very common and well known here, but of course it must be illegal, since "I heard it is" 
in the future it would be perfect if one could check the info he has, before spreading wrong information, but I am probably asking for too much.
At the end of 2013, the Central Bank of the Republic of China and the FSC has released a joint statement that defines Bitcoin as a ‘virtual commodity.’ Considering the non-currency nature and risk of Bitcoin, the FSC has required banks in Taiwan not to receive or exchange Bitcoin. At present, the FSC’s position on this issue remains the same as before
I don't think Bitcoin is banned in Taiwan actually they have 2 exchanges that support bitcoin. Bitoex and Maicoin they can buy and sell transaction and its a gateway for fiat currency transferring to their banks accounts. They can buy at the convenience store like Hi-Life and Family Mart.
It is not true that they banned bitcoin because it is illegal. All acquisition that they tell about bitcoin is just false information and there is no basis from it.
It is just rumours and gossips which we don't need to entertain. Taiwan supports the company of bitcoin and I don't see anything that is very alarming to banned the company in their country.
It is just rumours and gossips which we don't need to entertain. Taiwan supports the company of bitcoin and I don't see anything that is very alarming to banned the company in their country.
And Bitcoin's using is illegal in my country too.
It depends on the views of each government of course. Basically Bitcoin is very good role from the financial side and business opportunities are increasingly wide open, but however the countries doesn't want to get a bad impacts caused by bitcoin's using to the country due less knowledge about the cryptos or how to regulating it till it doesn't have a negative impact on the country's economic system.
By the way it's true in Taiwan Bitcoin is illegal? I had time to read an article, it has been legal on there.
Not just only on having less knowledge but most of the time they do already aware on the things or negative impacts that it would cause or made. This post have bee made on 2 years passed already which means decisions have been made on those years might be already changed as of these days of 2018 which same as you said i didnt see that Taiwan prohibiting bitcoin. It depends on the views of each government of course. Basically Bitcoin is very good role from the financial side and business opportunities are increasingly wide open, but however the countries doesn't want to get a bad impacts caused by bitcoin's using to the country due less knowledge about the cryptos or how to regulating it till it doesn't have a negative impact on the country's economic system.
By the way it's true in Taiwan Bitcoin is illegal? I had time to read an article, it has been legal on there.
And Bitcoin's using is illegal in my country too.
It depends on the views of each government of course. Basically Bitcoin is very good role from the financial side and business opportunities are increasingly wide open, but however the countries doesn't want to get a bad impacts caused by bitcoin's using to the country due less knowledge about the cryptos or how to regulating it till it doesn't have a negative impact on the country's economic system.
By the way it's true in Taiwan Bitcoin is illegal? I had time to read an article, it has been legal on there.
It depends on the views of each government of course. Basically Bitcoin is very good role from the financial side and business opportunities are increasingly wide open, but however the countries doesn't want to get a bad impacts caused by bitcoin's using to the country due less knowledge about the cryptos or how to regulating it till it doesn't have a negative impact on the country's economic system.
By the way it's true in Taiwan Bitcoin is illegal? I had time to read an article, it has been legal on there.
Sometimes, There are countries that can ban the use of Bitcoin but they cannot regulate the purchase, the stacking, and the selling of it for investment.
yes, although it is prohibited, but in my opinion can not immediately stop the activities of its users, such as gambling which in some countries is prohibited, but still there are doing Jump to: