Wednesday, 27 May 2020

Asia is Saying No To Anonymous Crypto Transactions

What happens in Korea, Japan and Taiwan is in line with China

Japan, Korea and Taiwan have something in common. They are looking to curb anonymous cryptocurrency transactions. There appears to be some consensus in Asia about this.

While anonymous and privacy-oriented cryptocurrencies have always been a topic of controversy, new legislation in Taiwan points to China’s own approach of banning anonymous online interactions, very especially including crypto.

Basically, in Taiwan, the government has decided to ban anonymous cryptocurrency transactions as part of the new Money laundering Control Act.
Governments and banks have been sketched out by Bitcoin since they view it as a kind of anonymous digital asset. In Taiwan, a new amendment has been made to the Money laundering Control Act and the Terrorism Financing Prevent Act. Money laundering can be quite a problem in some parts of Asia, so for them this certainly makes sense.

It’s only natural that different use cases of altcoins would be more popular in some areas and less popular in others. For privacy coins however, Asia might not end up being a very friendly district. The fate of anonymous cryptocurrencies in Taiwan remains unclear then for those such as Monero, Dash, ZCash, PIVX, Verge, NulleX, etc..

The Japanese Financial Security Agency (FSA) had earlier this year announced that as of June 18, 2018 there would be an outright ban on all cryptocurrencies that provide a sufficient degree of anonymity to its end users. China is going even further where anonymous activities even on social media is getting banned, where even for mobile gaming there will be facial recognition checks.

South Korea had already banned anonymous crypto transactions earlier in 2018. Taiwan is just following the traditional view that anonymous transactions are often linked to illegal behavior, either in online or offline fashion.

By Michael K. Spencer
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