Taiwan’s Ministry of Justice is considering requiring public servants to declare their cryptocurrency holdings.
The move is part of the country’s anti-corruption efforts, and the proposed regulations would require government officials and employees to report their crypto assets under local property declaration laws.
Public servants in Taiwan are already required to declare properties worth more than NT$1 million (US$32,900), including cash, deposits, securities, and paintings.
Crypto assets may soon be added to the list of properties to be declared, with officials suggesting that this could happen as early as November when public servants report their annual holdings.
The move follows the introduction of anti-money laundering rules for cryptocurrency service providers in Taiwan in July 2021. Despite these rules, the industry has remained largely unregulated.
The proposed regulations for public servants are aimed at increasing transparency and accountability and preventing corruption in government. It is yet to be seen whether the new rules will be implemented and how they will be enforced.
However, if the regulations are passed, Taiwan will join other countries in requiring public officials to declare their cryptocurrency holdings, including the United States, Canada, and Australia.