Bitcoin regulated in Taiwan by Anti-Money Laundering Law

The Governor of the Central Bank of Taiwan has offered bitcoin should be regulated under anti-money laundering laws
03 April 2018   218

Yang Chin-long has declared to the lawmakers that the financiers are observing cryptocurrency prices closely. According to his suggestment, cryptocurrency in the country is to be controlled under the current anti-money laundering legislation.

Taiwan's Central Bank, 中華民國中央銀行, is supposed to start regulation of  cryptocurrencies (such as bitcoin) by the country’s existing anti-money laundering (AML) laws. Governor Yang was replying to officials’ anxiety about bitcoin’s lack of transparency when traded.

As Focus Taiwan reported, Yang (who headed the central bank in February) made a suggestion for the Ministry of Justice to include Bitcoin into the competence of Taiwan’s Money Laundering Control Act due to the digital money’s lack of regulation.

Then Mr. Yang efforted to convince authorities that his agency was indeed monitoring bitcoin, going so far as to constitute investor guides or warnings about the decentralized currency’s possible risks.

These recommendations are connected with the statement made some weeks ago by the Finance Minister Sheu Yu-jer. He declared Taiwan should tax bitcoin while treating it as a consumer item. Mr. Sheu said the taxation problem had been carefully studied by his division.

Governor Yang affirmed having advised to the Ministry of Justice how all bitcoin trading can turn under AML. These remarks seem to be in line with regional efforts towards cryptocurrency: Malaysia this month has accepted know your customer (KYC) rules among exchanges, and South Korea has been trying to disrupt anonymous accounts through its banks using analogous laws. Mr Yang also added that "major central bankers and international financial organizations are against legalization of trading in virtual currencies like Bitcoin.”

Bitcoin markets are not difficult to manipulate because “87.5 percent of the Bitcoin transactions have been owned by only 0.61 percent of the trading accounts in the world,” he declared, informing investors to pay more attention to possible risks.

Australia joins the crypto-discussions arena with Bitcoin & Blockchain Fair

The inaugural Bitcoin and Blockchain Fair will be presented at the Sydney Showgrounds on May 12-13 with an all-round program about cryptocurrency and blockchain
21 April 2018   27

A high profile event in cryptocurrency and blockchain is coming to Sydney, Australia on May 12-13 – Bitcoin and Blockchain Fair. The conference will provide a platform to interact and discuss on all areas of the cryptocurrency and blockchain technology sectors (fintech, investment, venture capital, regulation, ICO, etc.), current opportunities and perspectives in the form of a Forum and an Exhibition Showcases.

The Exhibition Showcase that will allow to exhibit showcases and engage with crypto services providers, government and fintech startups. Forum is the bulk of the conference and is comprised of 2-day sessions to allow international speakers and industry leaders of the crypto and blockchain sectors a chance to share their expertise. May 12 is focusing on cryptocurrency and ICO engagement; May 13 wil cover blockchain technology overview, case studies, solutions and future trends.

The fair is organized by ABF Business and Principal Sponsor Coinspot. Exhibitors and Speakers include attendees from Asia, Europe and USA together with key Australian high profile crypto & blockchain enterprises. The full agenda of the event can be found here.