Taiwan Lawmaker Pitches AML Rules Update to Cover Crypto

NEWS
Nikhilesh De
Oct 9, 2018 at 17:45 UTC  |  Updated  Oct 9, 2018 at 17:48 UTC

A Taiwanese legislator wants cryptocurrency transactions to abide by the same money laundering laws that govern traditional financial instruments.

To that end, Jason Hsu – sometimes referred to as Taiwan's "crypto congressman" – has proposed an amendment to the nation's Money Laundering Control Act to cover cryptocurrencies. Under his proposal, the amendment would include new rules for cryptocurrencies specifically, while also attempting to educate the general public about the nascent technology, according to a press release.

Hsu's proposal would also bring Taiwan's laws in line with the EU's Anti-Money Laundering Directive, according to the release.

It added:

"Once it takes effect, cryptocurrency exchanges in Taiwan will be accountable for anti-money laundering. Upon this foundation, customer reviews, transaction record keeping, and reporting suspicious transaction reports will all categorized as the obligations of anti-money laundering."

The move is aimed at supporting blockchain technology and cryptocurrencies as they develop, Hsu said in a statement.

While Hsu aims to support the development of the cryptocurrency space, he noted that "all those involved should have the responsibilities to take care of this budding ecosystem."

To that end, he also called for self-regulatory organizations and believes crypto organizations should adhere to certain standards, according to the release.

Taiwan flag image via Shutterstock

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