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Taiwan Plans New AML Rules

According to a news report by Taiwan Central News Agency dated 20th April, Chiu Tai-san, Taiwan’s Minister of Justice, said that the country would be rolling out some new regulations pertaining to virtual currencies in the latter half of this year.

At a conference discussing the anti-money laundering (AML) that is done in the financial industry, Chiu Tai-san told everyone that the country needs to, and will, develop and implement new and better regulations on all cryptocurrencies. The conference was held by the Taiwan Financial Services Coalition.

The Taiwanese Government plans to implement these new regulations effectively in November. With this initiative, it aims to prevent cryptocurrencies from becoming a means of money laundering. There have been concerns about the problems associated with cryptocurrencies already.

With the consultation provided by the Central Bank, the Investigation Bureau, and the Ministry of Interior, the Financial Supervisory Commission (FSC) would determine the control mechanism, regulations, and laws for cryptocurrencies.

In the AML program, FSC has asked the banks in the country to list out all Bitcoin trading platform accounts as “high-risk accounts” which doesn’t come as much of a surprise since last year they asked financial institutions to warn their customers about the risks involved in investing in cryptocurrencies. They even asked the banks to refrain from accepting Bitcoin last year.

Taiwan has been the latest inclusion in the list of countries which have either already implemented or are planning to implement new AML rules to make the crypto sphere safer. Of recently, Bermuda has planned to implement new AML rules. The Bermuda Monetary Authority (BMA) said in a consultation paper that it intends to implement a fresh AML law for regulating the domestic crypto activity.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.