Taiwan will be releasing the new AML regulations concerning cryptocurrencies in November this year, before the Asia Pacific Group on anti-money laundering visits the country for existing AML evaluation.
Cryptos captured under AML regulations in Taiwan
Taiwan Central News Agency reported that the country’s Minister of Justice Chiu Tai-san has stated that the new regulations for the digital currencies would be rolled out later this year. The aim is to formally regulate bitcoin among other cryptocurrencies under the anti-money laundering (AML) rules before the year ends.
At an anti-money laundering in the financial industry conference that was held by the Taiwan Financial Services Coalition, Tai-san stated that Taiwan will be developing and launching new regulations to prevent cryptos from becoming an instrument for money laundering. These rules will reportedly take effect in November before the Asia Pacific Group on AML visits Taiwan.
According to the report, the group which is an inter-governmental agency for the Asia Pacific region that works in a similar capacity as FATF will be visiting the country for the bilateral evaluation of existing AML measures.
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The Financial Supervisory Commission (FSC) in consultation with the Central Bank, the Investigation Bureau and the Ministry of Interior will be determining the laws, regulations and the control mechanism for the digital currencies.
Also, read: Crypto Exchanges Racing Towards Crypto Regulated Countries
“High-Risk Clients” i.e. crypto trading platforms to face stricter rules
The Chairman of Taiwanese financial watchdog FSC, Wellington Koo who was also present at the event said the problem with bitcoin is not having the knowledge of who has purchased it and to whom it is being sold to.
A few days back, reportedly the justice department of Taiwan started a conversation with regulators and industry members regarding controlling virtual currencies under the anti-money laundering rules in order to have increased transparency in country’s crypto trading.
Furthermore, as part of the country’s AML program, FSC has asked the banks to label the bank accounts of bitcoin trading platforms as “high-risk clients”. Additionally, if transactions through these accounts go above a certain point, they have to be notified to the regulator to prevent any potential money laundering instances. Last year, financial institutions were also asked to warn the customers about the financial risks of investing in cryptocurrencies and further not to accept the bitcoins.
Just yesterday, the European Parliament also voted in favor of the AML reforms that are focused on transparency. The new reforms have taken a stricter approach towards virtual currencies that don’t allow the concealment of funds at large scale while ensuring that trading companies reveal complete information about their crypto holders.
Do you think AML regulations will demotivate the crypto enthusiasts in Taiwan?
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