Taiwan Central Bank is monitoring Bitcoin movements: Makes a proposal for money laundering rules for the digital assets
|- Bitcoin trading should be regulated under the current anti-money laundering rules.
- This is a big step for the Taiwanese government in the latest developments surrounding cryptocurrencies.
The Central Bank of Taiwan is working on developing anti-money laundering rules for Bitcoin. Yang Chin-long, the Governor of the Central Bank assured the legislative arm of the government on Monday 2 that Bitcoin markets and movements have been monitored and are still being monitored. At the same time, Yang said that the bank will take the responsibility of warning the public on the risks tied to Bitcoin investments in response to the concerns on “opacity” in the digital market.
The Central bank proposes that the country adopts the current anti-money laundering (AML) rules for Bitcoin trading. This proposal has already been forwarded to the Ministry of Justice. Although it remains at the proposal stage, it is a big step for the Taiwanese government in the latest developments surrounding cryptocurrencies.
Last month the finance minister proposed that cryptocurrencies should be taxed as virtual commodities. Taiwan is, however, playing catch-up since most Asian countries have already put up crypto regulations.
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