Taiwan Plans Drafting Cryptocurrency Regulations by November

April 24, 2018

Qiu Taisan, Minister of Justice in Taiwan, has called for elaborating and adopting cryptocurrency regulations by November this year with the aim to struggle against money laundering. Leading financial entities of the country will take part in drafting corresponding legislation.

Taisan has claimed, these entities will include Ministry of Interior, the Investigation Bureau, the Central Bank, etc. As Central News Agency reports, on April 10 officials of two local crypto operators were invited to join the discussion on the issue of digital currencies at Ministry of Justice. Allegedly the agency plans presenting cryptocurrency regulation by the Asia Pacific Anti Money Laundering Organization that is to be held in November.

The primary reason for developing such rules is huge concern authorities have about cryptocurrencies being used for money laundering. The country’s Financial Supervision and Management Commission asked local banks to mark crypto trading platform accounts as highly-risky and monitor them.

Remember, the chair of the Taiwan’s Financial Supervisory Commission Wellington Koo declared in October, the country will not follow the lead of China and South Korea in banning cryptocurrencies or ICO. In addition, the country’s Central Bank tested blockchain in interbank transfers and concluded it to be insufficiently effective when compared to the existing systems while the Bank’s governor Yang Chin-long said, digital currencies cannot be used as payment means for their speculative nature.

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