Taiwan Close to Regulating Bitcoin Under Traditional Money Laundering Laws

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

Wed, 11/04/2018 - 14:39

Taiwan Close to Regulating Bitcoin Under Traditional Money Laundering Laws

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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.

About the author

Darryn Pollock

Darryn Pollock is an award winning journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach. He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.