Taiwan’s Minister of Justice has indicated that the country is anticipating to have implemented a regulatory apparatus for cryptocurrencies by November 2018. The Minister made comments revealing the expected deadline during a recent anti-money laundering conference.
Cryptocurrency Regulations Expected to be Enacted in Taiwan Before 2019
High-ranking Taiwanese officials have indicated that the country intends to develop and introduce a legislative framework for cryptocurrencies by November this year.
The announcement was made by Taiwan’s Minister of Justice, Qiu Taisan, whilst speaking at a conference dedicated to money laundering prevention in the financial services industry, which was held by The Taiwan Financial Services Coalition.
Mr. Taisan indicated that cryptocurrency and bitcoin are increasingly being seen as a subject of considerable concern. Mr. Taisan also revealed Taiwan’s Financial Supervisory Commission (FSC) will be tasked with developing the country’s regulatory apparatus for virtual currencies, with consultation and assistance expected to be provided by Taiwan’s Ministry of the Interior, Central Bank, and the Investigation Bureau.
Money Laundering Among Chief Concerns
At the event, Gu Lixiong, Taiwan’s Chairman of the Financial Supervision and Management Commission indicated that preventing cryptocurrencies from becoming a vehicle for money laundering is among the principal objectives of the coming regulations, citing its pseudonymous nature as posing significant challenges to authorities.
Mr. Taisan also revealed that on April 10th, Taiwan’s Legal Department had invited representatives of two domestic cryptocurrency exchange operators to provide consultation regarding the operational processes underpinning virtual currency trade.
Taiwanese Legislator Calls for Regulatory Clarity
Yu Wanju, a Democratic Progressive Party member of the Legislative Yuan, has posted on Facebook demanding clarity from Taiwan’s FSC regarding its stance on bitcoin and cryptocurrency.
Mrs. Wanju implored the FSC to clarify as to whether or not bitcoin-relate financial activities are legal in Taiwan, emphasizing that failing to do so may prevent the country from being competitive in attracting investment from major companies operating within the emerging cryptocurrency sector. According to a rough translation, Mrs. Wanjua stated: “In order to attract top international companies and foreign capital to reinvigorate Taiwan’s economy, the most pressing matter of the moment is to set up a clear legal framework and get rid of the uncertainty.”
Late last year, the chairman of the FSC, Wellington Koo, confirmed that Taiwan would not follow China’s footsteps in pursuing a prohibitive regulatory apparatus pertaining to cryptocurrencies.
Do you think that Taiwan will seek to position itself as an attractive destination for cryptocurrency businesses? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Want to create your own secure cold storage paper wallet? Check our tools section.