Taiwan Moves to Capture Bitcoin Under Money Laundering Laws

The government of Taiwan has moved a step closer to regulating bitcoin under anti-money laundering (AML) rules.

In an announcement on Tuesday, the state's Ministry of Finance said it will push for the regulation of cryptocurrencies under same AML rules already covering the traditional financial sector.

Citing guidance issued by Financial Action Task Force, an intergovernmental anti-money laundering organization, the ministry further stated that the conclusion was reached after meetings with various financial regulators and law enforcement agencies, including its central bank and the Financial Supervisory Commission.

Separately, the ministry said it also met with domestic cryptocurrency exchanges on Tuesday, including BitoEX and MaiCoin, in an effort to understand their existing self-regulatory measures including AML and know-your-customer process.

As a next step, the Ministry of Finance said it will consolidate the opinions gathered from regulators and industry participants, and will propose a draft ruling to the island's executive branch.

The news follows just days after Yang Chin-long, the governor of Taiwan's central bank, stated that the central bank will step up its efforts to monitor the risks around cryptocurrencies. He also indicated that the institution would propose regulating cryptocurrencies under current AML rules to the Ministry of Justice.

New Taiwan dollar image via Shutterstock