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 chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS