Taiwan: anti-money laundering law to cover Bitcoin

Governor of Central Bank of Taiwan claims that anti-money laundering law should cover Bitcoin trading
27 October 2017   460

Perng Fai-nan (彭淮南), governor of the Central Bank of the Republic of China (Taiwan),claims that Bitcoin trading should be added to the island’s anti-money laundering notification system.

According to local sources, Perng worries that Bitcoin could be used covertly for illegal transactions, like drug trafficking and tax evasion. Thus, the man suggests that Taiwan’s money laundering regulation include cover cryptocurrency field. Perng also adds that the central bank will continue examining digital currency, while not calling Bitcoin a currency.

Earlier this month, it's been reported that Taiwan will not follow the paths of China and South Korea: the county is not to regulate against ICOs and cryptocurrencies. In particular, Taiwan's Financial Supervisory Commission chairman Wellington Koo pledged to leave “space open” for the development of cryptocurrency and distributed ledger technology in Taiwan.

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   55

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.