Taiwan’s regulatory bodies are considering including cryptocurrencies as a form of property and mandate public servants to disclose their crypto holdings.
Over the last few years, Taiwan showed a significant inclination toward the crypto sector with crypto favourable regulatory policies. Taiwan, officially the Republic of China (ROC), released regulatory approval to more than 24 crypto exchanges in Sep 2022.
Recently Taiwan’s anti-corruption watchdog, the Ministry of Justice, said that it may plan to add crypto assets to the list of properties that public servants must declare their holdings.
In short, the latest decision will force all government officials & government employees to disclose their worth of more than NT$1 million (US$32,900), including cash, deposits, securities, and paintings. crypto holdings.
The Ministry of Justice official said that in Nov 2022 people must disclose their properties including crypto holdings. Few experts noted that such new rules by Taiwanese regulatory bodies are an effort to track and figure out the population’s net holdings & funds allocation in the Crypto sector.
Earlier this, Taiwan introduced an Anti Money laundering rule on Cryptocurrencies in July 2021 but reportedly that effort failed to show impact at a practical level.
China vs Crypto
Taiwan is a special province of China, as per Chinese government claims, whereas the current Tsai Ing-wen administration of Taiwan maintains that Taiwan is already an independent country.
Crypto trading is fully allowed in Taiwan but opposite of it people are strictly not allowed to show any link with cryptocurrency activities.
In the mid of 2021, the Chinese Central Bank (PBoC) imposed a blanket ban on cryptocurrencies and also kicked out all the crypto companies from the mainland of China.