Central bank in Taiwan wants Bitcoin to be regulated under anti-money laundering laws

2 April 2018

The governor of the central bank in Taiwan reported this week to the panel of parliament members, and voiced a suggestion to start regulating cryptocurrencies, and Bitcoin in particular, under existing anti-money laundering rules.

Yang Chin-long, a governor of the Central Bank of Taiwan, responded to the enquiry of the national legislative body and was asked to explain how the banking authority plans to react to the ever growing ambiguity over trading Bitcoin in Taiwan, given high volatility of the cryptocurrency’s price constantly fluctuating in the crypto coin market.

The governor noted that the central bank has already taken measures to strengthen monitoring of Bitcoin’s dynamics in terms of its price movement, and plans to provide warning notifications to the investors prevising about the risks associated with the transactions involving Bitcoin.

On top of that, the governor shaped a suggestion to the parliament panel recommending to clothe the Ministry of Justice with authority to regulate Bitcoin applying current anti-money laundering rules and provisions to the cryptocurrency.

Taiwan is slightly hanging back in the AML regulation of the cryptocurrency market, as many Asian nations have already adopted the decrees to enforce AML laws and rules on Bitcoin and the industry in general.

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