Taiwanese legislators have concerns that China may interfere in Taiwan's 2024 presidential election, using cryptocurrencies.
Last week, the Legislative Yuan's Finance Committee took proactive steps by approving a provisional proposal. This proposal urges the Financial Supervisory Commission to establish strict guidelines for reporting major cryptocurrency transactions and to implement robust anti-money laundering measures.
Addressing concerns, Financial Supervisory Commission Chairman Huang Tianmu assured the public that the commission is actively working on the issue. He confirmed that essential interviews have been completed and investigations into cryptocurrency exchanges are ongoing.
Taiwan's existing regulations, outlined in the 'Measures for Preventing Money Laundering and Combating Terrorism Financing by Virtual Currency Platforms and Trading Business Enterprises,' require reporting of any cash transactions in legal currency exceeding a specified amount.
However, there is a lack of reporting standards for cryptocurrency transactions between accounts. This can be improved and lessen the possibility that cryptocurrencies will be used as a means of external influence, the Finance Committee approved a temporary plan.
With a two-month deadline for a written report, this proposal gives the Financial Supervisory Commission the task of researching and developing money-laundering prevention and reporting guidelines for significant cryptocurrency transactions.
As reported by the local news, During a Legislative Yuan Finance Committee meeting, another lawmaker expressed concerns about foreign entities using cryptocurrency to fund money into Taiwan to influence election outcomes. This has led to increased scrutiny of the Financial Supervisory Authority's planned measures to strengthen prevention.
Huang Tianmu clarified the commission's strategy, referencing the virtual assets payment and investment guidelines issued in September. He mentioned plans for platform operators to form unions by year's end, aiming to incorporate these concepts into trade unions' self-regulation next year. The agency has conducted past inspections and is currently planning more.
The Criminal Police Department is addressing potential election interference through cryptocurrency. They are focusing on three areas: traditional cryptocurrency vote buying, vote manipulation using 'NFT' futures contracts, and foreign cryptocurrency remittances to Taiwan.
These measures aim to prevent the misuse of digital assets in compromising democracy and to ensure the integrity of Taiwan's 2024 presidential election amidst the challenges posed by evolving digital currencies.
