Taiwan plans to introduce regulation of the cryptocurrency until November 2018

In the framework of the prevention of laundering money through cryptocurrencies, the Minister of justice of Taiwan Qiu Taysan (Qiu Taisan) was urged to ensure that the regulations of cryptocurrencies in force until November of this year.

In the development of regulatory policies adopted by several agencies: the Commission on financial control, the Central Bank, the Ministry of internal Affairs, Bureau of investigation and other agencies.

In April of this year, the Ministry of justice referred to the two internal cryptocurrency exchanges, to advise the Department on the work of the monitoring mechanisms of the operations of cryptocurrency. In November, the Taiwan mission of the Asia Pacific group on combating money laundering, and by the time you need to prepare full information on the processes happening on the cryptocurrency exchanges.

The situation was commented also by the Chairman of the Committee on financial control and management Lisun GU (Gu Lixiong). He said that the control of the controller for cryptocurrency will focus mainly on the prevention of money laundering. In addition, the Commission asked the banks to transfer the accounts of cryptocurrency exchanges in the category of “accounts with high level of risk” to prevent the use of cryptocurrencies in dubious financial transactions.

In addition, last month, Taiwan reiterated that the FSC is guided by the experience of Singapore, not China or South Korea, who took the path of restraint of trade cryptocurrencies.

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