Taiwan (TW)

Jurisdiction Overview

IDQuestionAnswer
568 *Bitcoins within CRS scope: Does the jurisdiction include entities issuing, trading, exchanging or holding cyrpto-currencies (eg bitcoins) as "financial institutions" that are required to report information pursuant to the CRS? No
 Data Date: 2019

Notes

 
According to Taiwan Ministry of Finance: "The nature of cryptocurrencies, such as bitcoin, is to be defined by relevant competent authorities of Taiwan so as to determine whether cryptocurrencies are financial assets and whether entities that issue, trade, exchange, or hold cryptocurrencies constitute Financial Institutions within the meaning prescribed in the Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions (hereinafter referred to as CRS Regulations). Besides, it is known that the OECD will conduct research on how the Standard for Automatic Exchange of Financial Account Information in Tax Matters released by the OECD applies to cryptoassets. We will continue to pay attention to the implementation of the CRS and stay in line with international practices." (Communication with Taiwan Ministry of Finance, 27.12.2019).

Sources

Communication with Taiwan Ministry of Finance, 27.12.2019.