Taiwan Watching Deadline for Bitcoin AML Regulation
Taiwan intends to manage bitcoin under anti-money laundering (AML) rules before the end of the year. As per the Taiwan Central News Agency, Chiu Tai-san, the nation’s minister of justice, said at an anti-money laundering event on Friday that the country expects to have the legitimate system prepared before a visit to Taiwan by the Asia Pacific Group on Money Laundering in November.
Set to visit the nation for a bilateral assessment of existing AML endeavors, as per the report, the gathering is an inter-governmental office for the Asia Pacific area that works in a comparable ability to its worldwide partner, the Financial Action Task Force (FATF).
Wellington Koo, executive of Taiwanese financial watchdog, the Financial Supervisory Commission (FSC), who was likewise present at the occasion today, remarked that the current issue with bitcoin is “who has purchased it and who it is sold to.” The comments come not long after a past report demonstrating how Taiwan’s justice department has just begun a discussion with different controllers and industry players on the ideal approach to catch bitcoin under AML rules and bring more transparency to cryptocurrency trading in the country. As per the news report, banks in Taiwan have just been requested by the FSC to name bank accounts offered to bitcoin exchanging stages as “high-risk clients.” Further, exchanges through these records over a specific edge are required to be hailed to the regulator in a bid to avert potential money-laundering.
Image via Shutterstock