With the buzz and excitement that has greeted various cryptocurrencies, especially Bitcoin, states are looking into ways they can regulate it. Taiwan is now heading down this route according to Taiwan Central News Agencies. According to the country’ justice minister, Chiu Tai-san, the nation will have a legal framework all set up before Taiwan’s visit by the Asia Pacific Group, targeting money laundering in November. The minister made this public at an event on anti-money laundering on Friday.
The group is an intergovernmental agency for Asia Pacific region and is set to visit the country for a bilateral analysis of the AML efforts currency in place. It works is the same capacity as its global counterpart, dubbed the Financial Action Task Force (FATF).
Following Previous Reports
These remarks came hot on the heels of a previous report that indicated the justice department of Taiwan is already in talks with other regulators in the industry on the best strategy to regulate Bitcoin under the AML rules, something that is expected to bring more transparency to the crypto industry.
There are orders already to Taiwanese banks by the FSC to ensure they label bank accounts that are offered to Bitcoin trading platform as “high risk clients” as per the news report. As such, any further transactions through such accounts that go way above a given threshold should be flagged to the regulators to help prevent potential cases of money laundering.
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What do you think about Taiwan’s decision to regulate Bitcoin trade? Is this a move in the right direction for the country? Let us know your views in the comments section below.