Taiwan: Finance Ministry Confirms Crypto Regulation Making use of Present AML Rules

The governing administration of Taiwan confirmed it will build cryptocurrency regulation based on extant anti-income laundering (AML) tactics April 10.

In a statement, the nation’s finance ministry explained it experienced opted to use AML principles presently utilized to standard money instruments as a foundation to reigning in the burgeoning cryptocurrency economic system.

Citing “increased risks” of cash laundering amongst virtual forex investors claimed by the government’s AML outfit Fiscal Action Endeavor Drive, the ministry extra it had fulfilled with two Taiwanese exchanges – BitoEX and MaiCoin – in a bid to “understand” the industry’s viewpoint.

The news will come a week following the Taiwanese central bank’s suggestion that AML regulations need to increase to cover cryptocurrency.

A shift closer to total regulation of Bitcoin and altcoin action puts Taiwan progressively at odds with mainland China, where cryptocurrency trade and ICO participation keep on being banned.

Relocating ahead, the finance ministry claims, it will enter a session period with “relevant agencies, law enforcement and researchers” in buy to attain a detailed overview of the community landscape.

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