Taiwan's "Virtual Currency Trading" Real-Name System Takes Effect: How Are Exchanges Responding?

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Taiwan's Financial Supervisory Commission (FSC) earlier this year drafted the "Money Laundering Prevention and Counter-Terrorism Financing Act for Virtual Currency Platforms and Trading Businesses," officially bringing "virtual currency platforms and trading businesses" under anti-money laundering (AML) regulations effective July 1.

The new law mandates real-name trading for virtual currency investments, with a one-year adjustment period for exchanges to implement AML measures like Know Your Customer (KYC), record-keeping, and suspicious transaction reporting.

Key Adjustments by Major Exchanges

  1. BitoPro

    • Required Level 2 real-name verification by June 30.
    • Users must now submit supplemental data (e.g., address, occupation, income source).
    • Non-compliant accounts face restrictions on withdrawals/trading.

  2. MAX Exchange (Maicoin)

    • New users and Level 1 users must complete ID verification.
    • Only accepts Taiwanese ID holders aged 20+.
    • Unverified users downgraded to Level 0 (view-only access).

  3. Subo Exchange

    • Paused trading services on July 1 for system upgrades.
    • Allows asset withdrawals until July 31.

  4. Joyso

    • Discontinued decentralized services (ETH/TRON JOYSO DEX) on June 30.
    • Users must manually withdraw via smart contracts.

  5. ACE Exchange

    • Preemptively partnered with KPMG in 2018 for compliance.
    • Implements name screening and real-name checks.

👉 Explore secure trading platforms for compliant virtual currency transactions.

FAQ Section

Q1: Why is Taiwan enforcing real-name trading for virtual currencies?
A1: To align with FATF standards and prevent money laundering via crypto assets.

Q2: What happens if I don’t complete verification?
A2: Exchanges may restrict trading/withdrawals until compliance is met.

Q3: How does this compare to U.S. regulations?
A3: The U.S. FinCEN similarly prioritizes AML for cryptos to curb illicit activities.

Global Context: U.S. AML Priorities

The U.S. Treasury’s FinCEN highlights virtual currencies as a focus for AML efforts, acknowledging their innovation while targeting misuse in cybercrime.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.

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