[2018-04-03] Taiwan to Regulate Bitcoin Under Anti-Money Laundering Laws

[limek]

楊金龍 Yang Chin-long, Governor of the Central Bank of the Republic of China (Taiwan), has suggested to the country’s lawmakers that bankers are watching cryptocurrency prices closely, and that it has recommended bitcoin should be regulated under existing anti-money laundering laws.

Taiwan Set to Regulate Bitcoin Under Anti-Money Laundering Laws

Central Bank of the Republic of China, Taiwan, 中華民國中央銀行, appears to be signaling it will regulate cryptocurrencies such as bitcoin under the country’s existing anti-money laundering (AML) laws. Governor Yang was responding to lawmakers’ concerns about bitcoin’s lack of transparency when traded.

“In a hearing held by the Finance Committee of the Legislative Yuan,” Focus Taiwan reported, “Yang, who took the helm of the central bank in late February, suggested that the Ministry of Justice include Bitcoin into the purview of Taiwan’s Money Laundering Control Act due to the digital currency’s lack of regulation.”

Read more: https://news.bitcoin.com/taiwan-to-regulate-bitcoin-under-anti-money-laundering-laws/

[bigNoizboo]

Protectionist policies like this will never do the sector it is trying to protect (traditional banking) any good as people will always find a way to push through with the methods which are more relevant for the times. Traditional banking will be on the way out in a few decades or so, and holding on to the past will just give the inevitable a slow and painful death.

[Qartersa]

This is really great! Regulation could only mean they are all for it, just that they need it to be regulated by the proper governmental bodies! Thus, this is definitely a good news especially to those who use Bitcoin in Taiwan. I think, too, that regulation of Bitcoin will be helpful in terms of Bitcoin's price. Through it, the price range will be stabilized in a sense that the increase and decrease in value is within a range that is controlled by the governmental body concerned. This level of control would be beneficial to those Bitcoin investors who do not want to risk too much because they are the conservatives in the market.

[Kemarit]

This is really great! Regulation could only mean they are all for it, just that they need it to be regulated by the proper governmental bodies! Thus, this is definitely a good news especially to those who use Bitcoin in Taiwan. I think, too, that regulation of Bitcoin will be helpful in terms of Bitcoin's price. Through it, the price range will be stabilized in a sense that the increase and decrease in value is within a range that is controlled by the governmental body concerned. This level of control would be beneficial to those Bitcoin investors who do not want to risk too much because they are the conservatives in the market.

100% agree. Looks like this will be really the trend. Its like a compromise between a decentralized crypto and the government. I guess its ok to have regulation to be set up in the middle. To protect consumers and in return criminals wouldn't take advantage of bitcoin to do transaction because they can't easily exchange it to fiat without getting notice or at least authorities can track where the money goes in. To some extend, crypto will become "legitimate" mode of investments. Let's see how it goes specially that the G20 thing will have to come up will regulations in July.