The Taiwan Ministry of Justice has revealed plans to potentially mandate that public servants declare their crypto holdings as part of their annual property declarations.
Currently, public servants in Taiwan must report properties valued over NT$1 million (US$32,900) including cash, securities, and paintings.
The proposed regulation would see cryptocurrency assets added to this list, with the change potentially being implemented as early as November 2022. The Ministry of Justice is seeking to increase transparency and prevent corruption among public servants.
While Taiwan introduced anti-money laundering rules for cryptocurrency service providers in July 2021, the crypto industry remains largely unregulated in the country. The potential new regulation could be a step towards greater regulation of cryptocurrencies in Taiwan.
The inclusion of cryptocurrency in property declarations is a growing trend around the world, with various countries including the US, Canada, and Australia requiring citizens to declare their crypto holdings to tax authorities.
As the use of cryptocurrencies continues to expand, it is likely that more governments will seek to regulate the industry and increase transparency around crypto transactions.
