Money Laundering Rules For Bitcoin Proposed By Taiwan Central Bank

Central News Agency Report

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Taiwan Central bank is now anticipating new regulations which are meant to bring Bitcoin Under the islands current regulations in regard to anti-money laundering.

I a meeting which was held with Taiwan’s legislative arm on Monday, Yang Chin long who is the governor of the central bank was involved in questioning in regard to how the banking authority planned to handle the “opacity” in Bitcoin trading in the entire nation. This is brought about by the recent price plunge. This is in regard to the news by Taiwan’s Central News Agency.

The governor of the bank made appropriate responses to the parliament members by stating that the central bank had increased the efforts it has in that monitoring of the Bitcoin prices. This will, therefore, make sure that they can issue warnings to the investors in regard to cryptocurrency transaction risks.

Additional to the current effort, Yang also added that the banking authority also made recommendations to Taiwan’s Ministry of Justice denoting that Bitcoin trading should adopt the regulation in regard to anti-money laundering (AML) rules, especially in the financial sector.

However, they remain to see whether this issue which has been suggested might find the necessary support in the ministry, this is marked as the most recent move by the authorities in Taiwan by the inclusion of the Bitcoin regulation in their policies.

Sheu Yu-jer who is the finance minister said that all cryptocurrencies are regarded as virtual commodities and should be taxed in Taiwan. The agency is also under study to implement the required taxation rules. Additionally, Yang’s comments come as the other Asian nations have already started regulation under the anti-money laundering rules meant to restrict financial crimes.

As CoinDesk reported, South Korean formally made prohibitions to the domestic banks against providing anonymous accounts. All accounts must be verified using the real name, and this took effect on Feb 2018. Additionally, early March, Malaysia was involved in adopting the anti-money laundering policy and initiated the know-your-customer processes which should be followed in any transactions which involve trading of cryptocurrencies.

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