Cryptocurrency exchange MaiCoin Ltd (現代財富科技) has submitted an anti-money laundering compliance statement to the Financial Supervisory Commission after the regulator last week required all eight cryptocurrency trading platforms in Taiwan to submit compliance statements by the end of next month.
MaiCoin is the first local exchange to have sent the compliance document to the commission. Other exchanges must file before the deadline or face a fine of between NT$500,000 and NT$10 million (US$17,943 and US$358,860), the commission said yesterday.
The government has imposed specific regulations on local cryptocurrency exchanges to prevent them from being used by money launderers, signaling that the government has attached more importance to the cryptocurrency business, MaiCoin CEO Alex Liu (劉世偉) said in a statement yesterday.
Photo courtesy of MaiCoin Ltd
A healthy ecosystem of cryptocurrency would allow exchanges to provide diverse and innovative services for consumers and to create a safe, convenient trading environment, Liu said.
MaiCoin, Taiwan’s largest cryptocurrency exchange, said the number of registered accounts had surpassed 650,000 as of the end of last month, accounting for more than 60 percent of combined accounts of all cryptocurrency exchanges.
The company has since 2018 operated a division that focuses on risk control and money laundering activities. The division also helps communicate with authorities and inspects the exchange’s internal controls against money laundering, together with Deloitte & Touche Taiwan (勤業眾信聯合會計師事務所) and PricewaterhouseCoopers (PwC) Taiwan (資誠聯合會計師事務所), it said.
The demand for compliance documents represents the commission’s latest effort to regulate cryptocurrency businesses after the regulator on July 1 imposed new anti-money laundering regulations that require trading platforms to report transactions valued at more than NT$500,000.
Some cryptocurrency exchanges have reportedly decided to halt their operations due to the new regulations and would not file compliance statements to the commission, the Chinese-language Commercial Times reported.
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
Qualcomm Inc is strengthening its partnerships with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and original design manufacturers (ODMs) in Taiwan as it expands its presence in the artificial intelligence (AI) computer market, CEO Cristiano Amon said in Taipei yesterday ahead of the annual Computex trade show. “Historically we’ve always been a very big customer of TSMC, and we continue to be,” Amon said during a media Q&A session. “For chip manufacturing, we’re among the largest fabless [semiconductor designers],” he said, noting that Qualcomm, a leading provider of mobile and AI-enabled chipsets, ships about 40 billion components every year, with TSMC being
‘FAILED EXPORT CONTROLS’: Jensen Huang said that Washington should maximize the speed of AI diffusion, because not doing so would give competitors an advantage Nvidia Corp cofounder and chief executive officer Jensen Huang (黃仁勳) yesterday criticized the US government’s restrictions on exports of artificial intelligence (AI) chips to China, saying that the policy was a failure and would only spur China to accelerate AI development. The export controls gave China the spirit, motivation and government support to accelerate AI development, Huang told reporters at the Computex trade show in Taipei. The competition in China is already intense, given its strong software capabilities, extensive technology ecosystems and work efficiency, he said. “All in all, the export controls were a failure. The facts would suggest it,” he said. “The US
NEW PRODUCTS: MediaTek has been diversifying its product lines to minimize operational risks as mobile chips remain the company’s biggest revenue source MediaTek Inc (聯發科), the world’s biggest supplier of smartphone chips, yesterday said the tape-out process for its first 2-nanometer chip would take place in September, paving the way for volume production of its most advanced chip, likely to be its next-generation flagship smartphone chip, around the year-end at the earliest. MediaTek has been leveraging advanced process technologies from its foundry partner, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to build its flagship mobile phone chips, a segment it once relinquished and then recovered four years ago as it released its Dimensity series. In the semiconductor industry, a tape-out refers to the
RSS