### Taiwan's government is considering requiring public servants to disclose their cryptocurrency holdings in an effort to promote transparency and prevent corruption. The proposed regulation would be one of the first of its kind, as few countries have implemented such requirements for public officials.

According to local media reports, the proposal is currently being reviewed by Taiwan's Ministry of Justice. If passed, public servants will be required to declare their crypto assets and transactions, similar to how they currently report their income and assets.



<blockquote className="twitter-tweet"><p lang="en" dir="ltr">Taiwanese officials and other public workers must disclose cash, deposits, securities and paintings valued at more than NT$1 million ($32,900).<br /><br />But not crypto. That may soon change.<a href="https://twitter.com/Sebsinclair1989?ref_src=twsrc%5Etfw">@Sebsinclair1989</a> reports<a href="https://t.co/WdY8PaRH2M">https://t.co/WdY8PaRH2M</a></p>— Blockworks (@Blockworks_) <a href="https://twitter.com/Blockworks_/status/1627620083508838400?ref_src=twsrc%5Etfw">February 20, 2023</a></blockquote>


Cryptocurrencies are becoming more and more popular in the country, and there are growing worries about possible misuse of digital assets. Cryptocurrencies can be used for illegal activities like money laundering and tax evasion, despite the fact that they also have many advantages, including greater financial independence and anonymity.



Public servants have a responsibility to be transparent and the government wants to avoid corruption and conflicts of interest, thus it expects public employees to be open about their financial affairs. It is also regarded as a means of ensuring that public servants are not involved in any illegal or immoral cryptocurrency-related activities.



The proposed regulation is part of Taiwan's larger effort to regulate the cryptocurrency industry. In 2019, the country's Financial Supervisory Commission (FSC) issued guidelines for Initial Coin Offerings (ICOs) and in 2020, it passed legislation regulating crypto exchanges.



Taiwan's proactive approach to regulating cryptocurrencies has made it a leader in the industry in Asia. It is also part of a larger trend of countries around the world grappling with how to regulate the growing cryptocurrency market.



Overall, the proposed regulation is a sign that Taiwan is taking the issue of cryptocurrency regulation seriously and is willing to take proactive measures to ensure that its citizens are protected from potential risks associated with digital assets.


  

Taiwan's government is considering requiring public servants to disclose their cryptocurrency holdings in an effort to promote transparency and prevent corruption. The proposed regulation would be one of the first of its kind, as few countries have implemented such requirements for public officials.

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Taiwan Promotes Transparency: Public Servants May Soon Be Required to Declare Crypto Holdings