Taiwan will introduce bitcoin anti-money laundering laws.

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Taiwan aims to regulate bitcoins according to AML rule before the end of this year. It is reported that the minister of justice in Taiwan, Qiutai declared in the last Friday that the aim is to establish the relevant regulatory mechanism before the Asia/Pacific Group on Money Laundering visits Taiwan. The report pointed out that the group on money laundering is an intergovernmental organization, which is similar to FATF and will visit Taiwan to evaluate its work on money laundering.

The chairman of FSC, Gu Lixiong also participated in the activity. He claimed that the problem of bitcoin now is who buy bitcoin and the flow problem afterwards. Justice department has began to communicate with other regulatory organizations and insiders to discuss the best way to regulate bitcoin and strengthen the transparency of cryptocurrency trading.

FSC has asked the banks in Taiwan to list the accounts established by the platform of bitcoin trading as high-risk accounts. When the change of the capital achieves a certain standard, the account will informed by the bank to prevent the potential behaviour of money laundering.