Taiwan to Enforce Cryptocurrency Regulations by November This Year

In order to prevent money laundering, Taiwan plans to enforce cryptocurrency regulation, effective from November this year.

Chiu Tai-san, Justice minister of Taiwan said legal framework will be ready prior to the Asia Pacific on Money laundering in November. He said this on Friday at anti-money laundering event.

According to Central News Agency, Tai-san was discussed during the financial industry money laundering conference and said with investigation Bureau, other entities will be contributing to Bitcoin regulation. Consequently, the chairman of the Financial Supervision and Management Commission, Gu Lixiong also said cryptocurrencies like Bitcoin must have control on the prevention of money laundering. As such, commission has asked banks to list the account of the bitcoin sales platform as a “high-risk account”.

Regulatory Stance

The chairman of Taiwanese financial watchdog, Wellington Koo, who was also there at the event. He said that Taiwan will not follow the paths of China and South Korea in an outright ban on cryptocurrencies. Instead, the country wants to have some easy go regulations on both crypto and blockchain technology.

As a result, the justice department has already having a word with regulators and industry members as to capture bitcoin under AML rules. Since that brings clear picture on crypto trading.

Further, FSC has ordered Taiwan to label banks accounts offered to Bitcoin trading platforms as ‘high risk clients’. Henceforth, the cryptocurrency transactions via accounts above a threshold are asked to flag to the regulator. Thus, to overcome potential money- laundering.

Previous, Yang Chin-long, Taiwan’s central bank’s new governor was uncertain about cryptocurrency payment process. He claimed that digital currencies are not processing as a payment due to their speculations.  

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