Taiwan will introduce bitcoin anti-money laundering laws.

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

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

FSC has asked the banks in Taiwan to list theaccounts established by the platform of bitcoin trading as high-riskaccounts. When the change of the capital achieves a certain standard, theaccount will informed by the bank to prevent the potential behaviour of moneylaundering.