Taiwan: anti-money laundering law to cover Bitcoin

Governor of Central Bank of Taiwan claims that anti-money laundering law should cover Bitcoin trading
27 October 2017   1463

Perng Fai-nan (彭淮南), governor of the Central Bank of the Republic of China (Taiwan),claims that Bitcoin trading should be added to the island’s anti-money laundering notification system.

According to local sources, Perng worries that Bitcoin could be used covertly for illegal transactions, like drug trafficking and tax evasion. Thus, the man suggests that Taiwan’s money laundering regulation include cover cryptocurrency field. Perng also adds that the central bank will continue examining digital currency, while not calling Bitcoin a currency.

Earlier this month, it's been reported that Taiwan will not follow the paths of China and South Korea: the county is not to regulate against ICOs and cryptocurrencies. In particular, Taiwan's Financial Supervisory Commission chairman Wellington Koo pledged to leave “space open” for the development of cryptocurrency and distributed ledger technology in Taiwan.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   317

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.


People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.