The Ministry of Justice of Taiwan slammed Bitcoin & Ethereum as an illegal tool, ahead of the 2024 election in the country.
Taiwan, officially the Republic of China (ROC), is a country in East Asia. It is located at the junction of the East and South China Seas. Crypto trading & investment is fully legal in the jurisdiction of Taiwan. There are no laws for cryptocurrencies in ROC & also no one local bank is allowed to provide banking services for Crypto companies.
On 5 June 2023, Local media reports noted that Taiwan’s Ministry of Justice is on high alert against the misuse of cryptocurrencies (Bitcoin & Ethereum).
According to the Ministry, the ways of corruption are changing rapidly from time to time and nowadays people are no more limited to fiat currencies, instead, they are also moving toward Bitcoin & Ethereum-like virtual assets.
ROC’s ministry confirmed that police authority is active in this case to prohibit politicians from getting bribery via any methods, including Bitcoin & Ethereum, ahead of 2024 elections.
Earlier in Feb of this year, Taiwan’s anti-corruption agency also disclosed its plan to mandate a new rule to force all public servants to disclose their crypto holdings along with all other properties & businesses.
Taiwan, Hong Kong, and China
It is worth it to note that crypto trading, investment, or any kind of other crypto-related activities is fully prohibited under the jurisdiction of mainland China but still, crypto trading is legal in Taiwan, despite China claiming Taiwan as a part of mainland China.
Also, Hong Kong is a special administrative region of China but still, Hong Kong government agencies are adopting cryptocurrencies with the help of new rules & regulations and attracting investment in the jurisdiction of Hong Kong significantly.