萬國法律事務所

Taiwan’s Ministry of Economic Affairs (MOEA) is drafting regulations to govern third-party online payment mechanisms, including value storage in small amounts, money laundering, actual name registration, transaction execution, and data protection.

In addition to the MOEA, the Financial Supervisory Commission (FSC) has agreed to deregulate the limited small amount allowed for stored value, and expects to designate the maximum amount of NTD 30,000 as the threshold. An online escrow system is currently unavailable in Taiwan, as current regulations are not applicable and cannot govern such business practices.

In addition, the FSC is concerned that such a system may be abused and used as a conduit for money laundering.

In order to protect the interests of consumers and to prevent money laundering, the FSC believes that payments received by a third-party must eventually be reliably transmitted to banks. Online payments are placed under trusts in other countries, the FSC officials explained, adding that payments are usually put in the custody of banks. Third parties should not be allowed to utilize funds received, and banks must have the capability to monitor it.

The cabinet at the Executive Yuan has set a goal of reaching a decision in this matter within three months.