Taiwan will be releasing the new AML regulations concerning cryptocurrencies in November this year, before the Asia Pacific Group on anti-money laundering visits the country for existing AML evaluation.
Cryptos captured under AML regulations in Taiwan
Taiwan Central News Agency reported that the country’s Minister of Justice Chiu Tai-san has stated that the new regulations for the digital currencies would be rolled out later this year. The aim is to formally regulate bitcoin among other cryptocurrencies under the anti-money laundering (AML) rules before the year ends.
At an anti-money laundering in the financial industry conference that was held by the Taiwan Financial Services Coalition, Tai-san stated that Taiwan will be developing and launching new regulations to prevent cryptos from becoming an instrument for money laundering. These rules will reportedly take effect in November before the Asia Pacific Group on AML visits Taiwan.
According to the report, the group which is an inter-governmental agency for the Asia Pacific region that works in a similar capacity as FATF will be visiting the country for the bilateral evaluation of existing AML measures.
