With appropriate risk-control measures, cash transactions of cryptocurrencies under daily limits could be allowed in convenience stores in Taiwan, Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) said on Thursday.
Some operators of virtual-assets platforms have proposed that the daily transaction limit could be set at NT$100,000 or NT$20,000 per transaction, considering that cash transactions rarely exceed NT$10,000 at a time, Koo said at a press conference in Taipei.
MONITORING KEY
While the commission would consider allowing cash transactions for cryptocurrencies, it is still concerned whether platform operators would be able to effectively monitor the transactions, Koo said, adding that cash transactions could create a loophole for money launderers.
In July, the commission asked banks in Taiwan to have their cryptotrading partners adopt a real-name registration system, which would require both buyers and sellers to open real-name accounts at banks.
Hopefully the real-name policy will have a “stunning” effect with regards to curbing money laundering, Koo said, adding that most platform operators do not object to this policy.
The commission has also asked the Bankers Association of the Republic of China (銀行公會) to set up self-management regulations and risk-control measures as soon as possible, Banking Bureau Deputy Director-General Sherri Chuang (莊秀媛) said.
The commission hopes the regulations will be instituted as soon as next month, Chuang said.
Cryptoplatforms must work closely with their cooperating banks to minimize risks. For example, if a transaction amount reaches NT$120,000, platforms must refund the extra NT$20,000 once the daily transaction limit is set at NT$100,000, Chuang said.
The limit issue has not been finalized, she said.
There are 1981 kinds of cryptocurrencies in the world, with total market value reaching US$219.65 billion, with bitcoin accounting for 52.7 percent of the market, according to CoinMarketCap Web site.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) would not produce its most advanced technologies in the US next year, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the comment during an appearance at the legislature, hours after the chipmaker announced that it would invest an additional US$100 billion to expand its manufacturing operations in the US. Asked by Taiwan People’s Party Legislator-at-large Chang Chi-kai (張啟楷) if TSMC would allow its most advanced technologies, the yet-to-be-released 2-nanometer and 1.6-nanometer processes, to go to the US in the near term, Kuo denied it. TSMC recently opened its first US factory, which produces 4-nanometer
GREAT SUCCESS: Republican Senator Todd Young expressed surprise at Trump’s comments and said he expects the administration to keep the program running US lawmakers who helped secure billions of dollars in subsidies for domestic semiconductor manufacturing rejected US President Donald Trump’s call to revoke the 2022 CHIPS and Science Act, signaling that any repeal effort in the US Congress would fall short. US Senate Minority Leader Chuck Schumer, who negotiated the law, on Wednesday said that Trump’s demand would fail, while a top Republican proponent, US Senator Todd Young, expressed surprise at the president’s comments and said he expects the administration to keep the program running. The CHIPS Act is “essential for America leading the world in tech, leading the world in AI [artificial
REACTIONS: While most analysts were positive about TSMC’s investment, one said the US expansion could disrupt the company’s supply-demand balance Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) new US$100 billion investment in the US would exert a positive effect on the chipmaker’s revenue in the medium term on the back of booming artificial intelligence (AI) chip demand from US chip designers, an International Data Corp (IDC) analyst said yesterday. “This is good for TSMC in terms of business expansion, as its major clients for advanced chips are US chip designers,” IDC senior semiconductor research manager Galen Zeng (曾冠瑋) said by telephone yesterday. “Besides, those US companies all consider supply chain resilience a business imperative,” Zeng said. That meant local supply would
Servers that might contain artificial intelligence (AI)-powering Nvidia Corp chips shipped from the US to Singapore ended up in Malaysia, but their actual final destination remains a mystery, Singaporean Minister for Home Affairs and Law K Shanmugam said yesterday. The US is cracking down on exports of advanced semiconductors to China, seeking to retain a competitive edge over the technology. However, Bloomberg News reported in late January that US officials were probing whether Chinese AI firm DeepSeek (深度求索) bought advanced Nvidia semiconductors through third parties in Singapore, skirting Washington’s restrictions. Shanmugam said the route of the chips emerged in the course of an
RSS