New Regulations Until November!

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New regulations until the end of the year, that is a deadline Taiwan government set on them to regulate bitcoin under anti-money laundering (AML) rules.

 

To set a new set of rules, the Ministry of Justice invited to cooperation other legal bodies. According to the Taiwan Central News Agency, Chiu Tai-san (Minister of Justice) said that, Taiwan aims to have legal framework before Asia Pacific Group on Money Laundering visits Taiwan in November.

The Asia Pacific group want to visit Taiwan for bilateral evaluation of existing AML efforts.

The group itself is an Asia-Pacific intergovernmental agency, which works similarly to existing global agency – Financial Action Task Force (FATF).

Wellington Koo, chairman of the Financial Supervisory Commission (FSC), considers that the current problem with bitcoin is lack of information about who purchases BTC and who sells them.

Taiwan government wants to bring more transparency to cryptocurrency trading in their country. They started looking closer to cryptocurrencies and want to make clear rules about the money-laundering possibility in cryptos. The deadline was made just after Taiwan’s Justice Department had started a conversation with other regulators to find the best way to set bitcoin under AML rules.

Also, banks in Taiwan have received an order from the FSC to highlight bank accounts which have visible transactions with cryptocurrency trading platforms. Those “high-risk clients” transactions have to be flagged if they are above the certain value. All those new banking rules are made to prevent potential money-laundering.

Also, Yi-Ting Cheng (Xdite), CEO of OTCBTC runs for Mayor of Taipei City, which is the capital of Taiwan .

“I am running for mayor for one reason: to make Taipei great again. Let’s make Taipei the pioneer blockchain city in Asia. Taipei has great potential to be a blockchain city. It is near Japan, Korea, and China. It is regulation friendly. The blockchain is all about a financial revolution. Taipei has the environment to make it happen.” – she said.

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