The government of Taiwan has taken another step towards regulation of bitcoin in accordance with the rules on anti-money laundering (AML). In his statement on Tuesday, the representatives of the Ministry of Finance has declared that will insist on the regulation of cryptocurrencies on the same AML rules that already apply to traditional financial sector.
Referring to the guidelines issued by the Task force on financial activities, an intergovernmental organization dedicated to the fight against money laundering, the Ministry said that this decision was taken after series of meetings with financial regulators and law enforcement agencies, including the Central Bank and the financial supervision Commission.
In addition, the Ministry reported about the meeting with representatives of the local cryptocurrency exchanges and MaiCoin BitoEX, to discuss existing measures of self-regulation of the industry, including the application of AML rules. Representatives of the financial Department said that in the near future are consolidating the views received from regulators and market participants, and then propose implementation of appropriate measures.
These statements were made only a few days later after Yang Chin-long (Yang Chin-long), President of the Central Bank of Taiwan said that the Central Bank will step up efforts to monitor the volatile price movements of bitcoin and warn investors about the risks associated with cryptocurrencies. In addition, the head of the Central Bank noted that soon his Department will propose measures for the regulation of cryptocurrency in accordance with the rules of AML.