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Taiwan aims to enforce regulations on cryptocurrency by November

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Taiwan's Justice Minister Qiu Taisan has asked for cryptocurrency regulations to be in place from here November to prevent money laundering.

Who Taisan said that the Ministry of the Interior of the country, the Central Bank, the Bureau of Investigation and other entities will be involved in determining how to regulate bitcoin. Who Taisan was interviewed at the conference on money laundering of the financial industry held by the Taiwan Financial Services Coalition, according to the Central News Agency.

Cryptographic regulation of government studies

The government's legal department invited two national virtual currency operators on April 10 to learn about virtual currency operations, the report noted. The ministry will be aware of the "control mechanisms" before the end of the Anti-Money Laundering Organization of the Asia-Pacific in Taiwan in late November.

Gu Lixiong, the chairman of the Supervisory and Financial Management Commission, also said that the control of bitcoin and other virtual currencies is mainly focused on the prevention of money laundering. In order to prevent bitcoin from becoming a money laundering tool, the commission asked banks to list the account of the bitcoin sales platform as a "high risk account".

A change in the regulatory outlook?

In October, Wellington Koo, then chairman of the Taiwan Financial Supervisory Commission, said at a joint session of parliament and cabinet that Taiwan would not follow the path of China and South Korea in a total prohibition of crypto-activities. Instead, the head of Taiwan's financial regulator is committed to adopting a more favorable position to support the development and adoption of cryptocurrencies and blockchain technology in the country.

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Last month, the new governor of Taiwan's central bank, Yang Chin-long, expressed his "uncertainty" about the function of cryptocurrencies as a payment instrument. He was questioned about the issue after a number of counterparts from central banks around the world explored a state crypto-currency based on the blockchain.

Yang Chin-long claimed cryptocurrencies do not work like payments, citing their speculative nature.

Image from Shutterstock.

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