Taiwanese Minister of Justice Chiu Tai-san revealed that the country will soon develop and launch new regulatory policies on cryptocurrency which should be ready by November. The mentioned announcement was made at the Anti-money Laundering (AML) Conference organized by the Taiwan Financial Services Coalition, held on Friday the 20th.
Chiu said the relevant control mechanism and laws to govern and regulate cryptocurrencies will be set by the Financial Supervisory Commission (FSC), alongside the consultation of the Ministry of Interior, the central bank, and the Investigation Bureau.
Gu Lixiong, the chairman of the Financial Supervision and Management Commission said the control of bitcoin and other virtual currencies is focused mainly on the prevention of money laundering. In order to prevent bitcoin from becoming a money laundering tool, the commission has asked banks to list the account of the bitcoin sales platform as a “high-risk account.”
FSC chairman Wellington Koo said that the current problem with cryptocurrencies is “who has purchased it and who it is sold to.” As part of the AML program, the FSC reportedly has asked banks to list crypto trading platforms’ accounts as “high-risk accounts.” If transactions through these accounts go above a certain threshold, the banks must notify the regulator to prevent any potential money laundering instances.
Taiwan’s new central bank governor, has now urged the government to regulate bitcoin in a bid to avoid disruption of the local financial market order.
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