Taiwan has set itself a deadline of November to try and install its regulatory framework for cryptocurrencies in order to prevent money laundering. Minister of Justice, Qiu Taisan has said that the Ministry of Interior, the Central Bank, the Bureau of Investigation and other entities will be involved in determining how to regulate these digital currencies.
The Eastern country suggested last week that they would be trying to wrest cryptocurrencies under their traditional money laundering laws. The regulators in Taiwan feel strongly that Bitcoin and other cryptocurrencies are being used as tools for money laundering.
Gu Lixiong, the chairman of the Financial Supervision and Management Commission, also said the control of Bitcoin and other digital currencies is focused mainly on the prevention of money laundering.