Taiwan rules developed AML and the draft taxation of cryptocurrencies

The Central Bank of Taiwan has proposed to develop new rules that bitcoin will be subject to current regulations to combat money laundering.

During the meeting with representatives of the legislative authorities of Taiwan the President of the Central Bank of the Yang Chin-long (Yang Chin-long) asked how the financial regulator will deal with the existing «opacity» trade bitcoins in the country, as evidenced by the recent collapse in prices, according to Central News Agency of Taiwan.

Answering questions of members of Parliament, the President of the Bank said that the Central Bank is stepping up efforts to monitor the volatile price movements of bitcoin and warns investors about the risks of cryptocurrency transactions. In addition, Yang said that the Central Bank also recommended that the Ministry of justice of Taiwan to develop rules to regulate bitcoin in accordance with the applicable legislation on combating money laundering in the financial sector.

Earlier this month, Finance Minister Sheu Yu-Hyeres (Sheu Yu-jer) has expressed confidence that cryptocurrencies, which are virtual goods should be taxed, adding that his Agency is currently studying this question. Also at the end of March it became known that Taiwan will not tighten the regulation of cryptocurrencies, therefore, most likely, the tax burden in respect of digital assets is not too large.

Other Asian countries have also focused attention on the work of the industry. Yesterday it was announced that South Korea is developing a
the draft taxation of cryptocurrency, which will be released in the first half of this year.

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