Taiwan Close to Regulating Bitcoin Under Traditional Money Laundering Laws

  • Darryn Pollock
    📰 News

    Taiwan has decided to put Bitcoin under the same scrutiny as traditional finance in terms of anti-money laundering regulations


Taiwan Close to Regulating Bitcoin Under Traditional Money Laundering Laws

 

The government of Taiwan has made strides in regulating Bitcoin in the country by putting them under similar scrutiny to the traditional finance sector when it comes to anti-money laundering laws (AML).

The decision has come after the government received guidance from Financial Action Task Force, an intergovernmental anti-money laundering organization, as well as various financial regulators and law enforcement agencies, including its central bank and the Financial Supervisory Commission.

As a next step, the Ministry of Finance said it will consolidate the opinions gathered from regulators and industry participants and will propose a draft ruling to the country’s executive branch.

Cover image via u.today
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