Is Crypto Legal in Taiwan?

Taiwan, a progressive and technologically advanced country, has shown a mixed stance towards cryptocurrencies. While it is not explicitly illegal to use or trade cryptocurrencies in Taiwan, the government has implemented certain regulations to ensure the safety and security of its citizens. Let's take a closer look at the legal status of cryptocurrencies in Taiwan.

The Regulatory Framework

In 2017, the Financial Supervisory Commission (FSC) of Taiwan released a statement declaring that cryptocurrencies, such as Bitcoin, should be treated as virtual commodities rather than legal tender. This meant that while cryptocurrencies were not recognized as official currency, they remained legal to use and trade.

However, the FSC also emphasized the need for regulation to prevent money laundering, fraud, and other illegal activities associated with cryptocurrencies. As a result, they introduced Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines for cryptocurrency exchanges operating in Taiwan.

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The Overall Picture

While crypto is not explicitly illegal in Taiwan, the government's implementation of regulations reflects its commitment to safeguarding its citizens and preserving the integrity of the financial system. This balanced approach allows individuals and businesses to engage in cryptocurrency activities responsibly and with adequate oversight, ensuring a secure environment for crypto enthusiasts in Taiwan.