Different countries from all over the world are starting to implement regulations to the crypto market. This is the case of Taiwan, that may release new Anti Money Laundering (AML) regulations before the end 2018. The information has been released by Taiwan Central News Agency on April the 20th
Taiwan Crypto Regulations
Cryptocurrencies have been expanding all over the world as well as blockchain technology. And regulatory authorities are worried about illegal activities around virtual currencies. That’s why, these authorities decided to impose AML and KYC regulations.
Taiwan will be releasing new AML rules in November 2018 with the intention to have greater control over tax avoidance and criminal activities in the country. During a conference related to AML in financial activities, Chiu Tai-san explained that the country will be developing new regulations on bitcoin and other virtual currencies in the market.
The main intention is to prevent criminals take part in the crypto market. Of course, a better regulatory environment brings legitimacy to the cryptocurrency market. It is not necessary to ban virtual currencies to have them under control and avoid criminals to benefit from them.
The FSC has been negotiating with banks to lit bitcoin trading platforms as ‘high risk accounts.’ At the same time, the government warned Taiwanese citizens about the risks of investing in virtual currencies and being related with the market.
Taiwanese Central Bank Works with Blockchain Technology
Even when the government is trying to impose regulations to the crypto market, some governmental agencies are working with blockchain technology. And this is the case of the Central Bank of Taiwan.
Taiwan’s Central Bank will include blockchain technology into its operations. As the new Governor of the Central Bank of Taiwan explained, for the first time, blockchain will be used to power the different operations of the bank.
Yu-hsuan Tsai, Investment advisor from Kaohsiung, commented:
“There is a clear race among countries to be the first to implement blockchain technology in their governing and financial systems. The countries who do it first are most open and adaptable to change.”
At the same time, the new governor encouraged enterprises to use blockchain so as to improve their clarity, security, and efficiency. Additionally, Blockchain technology could have a deep impact in different processes and industries.
As we reported on April the 19th, the Petroleum Company BP is researching and investing in different blockchain projects with other enterprises. The main intention is to introduce distributed ledger technology to its business model.
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