The Minister of Justice in Taiwan, Qiu Taisan, has recently called for cryptocurrency regulations to be in place by November 2018 – all in the interest of preventing money laundering.
Taisan also said that the Ministry of Interior, the Central Bank, the Bureau of Investigation and other entities will be involved in determining how to regulate Bitcoin. The statement was given during the financial industry money laundering conference held by the Taiwan Financial Services Coalition.
Currently, Taiwan’s Legal Department invited two domestic virtual currency operators (on April 10) to learn more about the cryptocurrency operations, according to the report by the CNA. The department will work towards establishing “control mechanisms” in the country.
Gu Lixiong, who is the chairman of the Financial Supervision and Management Commission, said that the control of Bitcoin and cryptocurrencies should be focused mainly on the prevention of money laundering. That said, he and the commission have already asked banks to list the account of the Bitcoin sales platform as a “high-risk account”.
In October 2017, the former Financial Supervisory Commission chairman of Taiwan told the parliament that the country will not follow the paths of China and South Korea. However, the new governor of Taiwan’s central bank, Tang Chin-long, expressed “uncertainty” over cryptocurrencies functioning as payment instruments.
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