Taiwan Government Officials Will Have To Soon Disclose Crypto Holdings

• Taiwan government officials would soon need to disclose the crypto holdings on an annual basis.
• The government has slowly initiated the crypto regulation and portfolio disclosures of government officials.
• If the proposal has enacted, Taiwan’s crypto regulation would be thickened in no time.

As per the Taiwan government’s official announcement released last week, officials will soon need to declare crypto holdings on an annual basis. Taiwan’s government has advanced with the crypto regulation and portfolio disclosures of government officials.

As per the Taiwan government’s regulations, property owned by public officials worth more than NT$1 million ($32,900) was previously subjected to disclosure. Along with the properties, the government officials were also subjected to disclose the possession of valuable items, including paintings, cash, deposits, and securities. The crypto holdings were not part of the previous list.

However, the Taiwan Ministry of Justice, the government agency controlling the legal system in Taiwan, has now considered the possibility of adding the crypto holdings of government officials to the list of possessions that need to be disclosed.

Accordingly, the Taiwan Ministry of Justice could only propose legislative changes to the Legislative Yuan, the unicameral legislature of Taiwan. The acceptance of the proposal by the Legislative Yuan could enforce and legalize the law regarding the disclosure of the crypto holdings of the official.

Interestingly, if the proposed changes to declare the crypto holdings of the government official would be enacted, Taiwan’s crypto regulation would also be thickened in no time. In July 2021, the Taiwan government introduced anti-money laundering rules for crypto service providers.

In 2022, under Taiwan’s Money Laundering Control Act, around 24 crypto firms became the first to be registered.

Furthermore, in 2022, after issuing a letter to the banking industry association, crypto transactions with credit cards were completely banned by the securities watchdog of Taiwan.

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