Taiwan to include Bitcoin on AML Regulations

Taiwan Bitcoin Regulations: The Taiwanese government has carefully monitored the behavior of Bitcoin price in order to determine how its fluctuation affects the lifestyle of the Taiwanese people. It is trying to establish actions to protect the locals and safeguard the interests of the nation against possible criminal activities that could be committed through the use of cryptocurrencies.

Local media reported that Yan Jinlong, president of the Central Bank of Taiwan, has made a formal recommendation to the Ministry of Justice to update the Anti Money Laundering policies to include transactions in Bitcoin within the institution’s oversight.

In a meeting with the Taiwanese Parliament, he mentioned that the Central Bank has carefully monitored Bitcoin prices, especially the bearish behavior of recent days. Given the difficulty involved in establishing strategies to stabilize prices in a short time, the central authority announced that it would issue periodic warnings to investors to make them aware of the risks associated with crypto trading.

The proposal has not yet been formally accepted, but Taiwan’s efforts are quite remarkable regarding security. The country itself is one of the most profitable places to mine Bitcoins in the world with a fairly permissive legislative system. Even as he assumed his position, Jinlong himself was quite supportive towards cryptocurrency.

Taiwan’s policies contrast sharply with those of its Asian peers. As a summary, the following scenarios can be observed:

Mainland China: Its legal system is quite prohibitive. Trading operations involving cryptos or tokens are prohibited, and mining is watched. However, the world’s major mining operations, as well as the world’s largest mining equipment factory, are located here.

Japan: Its legal system regarding operations in crypto is still under development. It is one of the countries where investments in tokens are most developed. Recently several exchanges closed due to the severe restrictions of the Japanese legal system. Binance, the world’s largest exchange, announced that it would move to Malta due to difficulties in complying with Japanese regulations.

South Korea: It is the primary Asian market regarding cryptocurrency. It is estimated that at least 1/3 of the workers have invested or own a certain amount of money in crypto. However, on the legal side, there have been some inconsistencies that have caused significant fluctuations in the world price of Bitcoin. They have now announced an update of their legal system to comply with the G-20 specifications that plan a meeting in June.

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Hong Kong: Its legislation is currently under development. Use and mining are legal. However, the Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that “Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind.”

Featured Image: Depositphotos/© PromesaStudio

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