Qui Taisan claimed the country’s Ministry of Interior, the Central Bank, the Bureau of Investigation and other organizations will be involved in defining how to regulate Bitcoin. Qui Taisan was interviewed during the financial industry money laundering conference held by the Taiwan Financial Services Coalition.
According to the report, the government’s Legal Department involved two domestic virtual currency operators on April 10 to learn about virtual currency operations. The department will be informed about “control mechanisms” prior to the Asia Pacific Anti-Money Laundering Organization in Taiwan at the end of November.
The chairman of the Financial Supervision and Management Commission, Gu Lixiong, also declared that the control of Bitcoin and other cryptocurrencies is based promptly on the prevention of money laundering. In order to prevent Bitcoin from turning into a money laundering tool, the commission has asked banks to list the account of the Bitcoin sales platform as a “high-risk account.”
Wellington Koo, then Taiwan’s Financial Supervisory Commission chairman, in October, stated a joint session of the parliament and the cabinet that Taiwan will not proceed the paths of China and South Korea in a crypto-related activity ban. On the contrary, the head of Taiwan’s financial regulator committed to adopt a friendlier position to support the development and adoption of both cryptocurrencies and blockchain in the country.