Taiwan Moves to Capture Bitcoin Under Money Laundering Laws

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

AccessTimeIconApr 11, 2018 at 12:00 p.m. UTC
Updated Sep 13, 2021 at 7:48 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.