Taiwan Eyes November Deadline for Bitcoin AML Regulation

Taiwan will formally regulate bitcoin under anti-money laundering rules by the end of the year, says its minister of justice.

AccessTimeIconApr 20, 2018 at 12:40 p.m. UTC
Updated Sep 13, 2021 at 7:51 a.m. UTC

Taiwan aims to formally regulate bitcoin under anti-money laundering (AML) rules before the end of the year.

According to the Taiwan Central News Agency, Chiu Tai-san, the country's minister of justice, said at an anti-money laundering event on Friday that the nation aims to have the legal framework ready before a visit to Taiwan by the Asia Pacific Group on Money Laundering in November.

Set to visit the country for a bilateral evaluation of existing AML efforts, according to the report, the group is an inter-governmental agency for the Asia Pacific region that works in a similar capacity to its global counterpart, the Financial Action Task Force (FATF).

Wellington Koo, chairman of Taiwanese financial watchdog, the Financial Supervisory Commission (FSC), who was also present at the event today, commented that the current problem with bitcoin is "who has purchased it and who it is sold to."

The remarks come soon after a previous report indicating Taiwan's justice department has already started a conversation with other regulators and industry players on the best way to capture bitcoin under AML rules and bring more transparency to cryptocurrency trading in the country.

According to the news report, banks in Taiwan have already been ordered by the FSC to label bank accounts offered to bitcoin trading platforms as "high risk clients." Further, transactions through these accounts above a certain threshold are required to be flagged to the regulator in a bid to prevent potential money-laundering.

Chiu Tai-san image via YouTube


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
Singapore's Central Bank Weighs Further Safeguards on Retail Crypto Trading

The Monetary Authority of Singapore (MAS) may introduce rules on the use of leverage in crypto transactions.

CoinDesk - Unknown
CoinDesk - Unknown
First Mover Americas: BTC Struggles to Break $20K as More Lenders Face Trouble

The latest moves in crypto markets in context for July 4, 2022.

CoinDesk - Unknown
CoinDesk - Unknown
Bitcoin Recovers to Over $19K; Nomura Warns of US, UK Recession

Nomura warned of a recession in the eurozone, UK and Asia Pacific, which could influence crypto prices.

CoinDesk - Unknown
CoinDesk - Unknown
CoinShares Completes Napoleon Acquisition, Can Now Promote Products Across EU

The acquisition of Napoleon Asset Management was subject to approval by the AMF, which was granted on June 28.

CoinDesk - Unknown