Taiwan Central Bank Governor says Cryptocurrencies should be regulated under AML

Taiwan's new central bank governor, Yang Chin-Long has recommended that cryptocurrency trading should be governed by the Ministry of Justice's anti-money laundering (AML) Regulations

Mike Richardson
Read +
Follow Us

On Monday, Taiwans legislative division held a meeting when Yang Chin-Long, Taiwan’s new Central Bank Governor was questioned on how the body would handle cryptocurrency trading.

Responding to the question, Yang said that the bank has been monitoring the volatility of cryptocurrencies and that bank should remind investors of the risks associated with cryptocurrency transactions. Subsequently it was his opinion, and his recommendation that Taiwan should enforce anti-money laundering regulations.

This means, that the new governor will suggest to the Ministry of Justice to include cryptocurrency trading into Taiwan’s current Money Laundering Control Act due to the fact that cryptocurrencies in Taiwan lack appropriate regulations.

However it is uncertain if the Ministry will support his suggestions, but it would represent is the governments increased scrutiny into the sector.

Sheu Yu-jer, Taiwan’s finance minister has stated that his department is studying cryptocurrencies and they are viewed as ‘virtual commodities’, which under guidelines should be taxed.

According to data, Taiwan has the third cheapest electricity rates in the world, and when asked about cryptocurrency mining, Yang said that he thought that China was the main hub, but he thought that the government should pay attention to the effects that mining could have on the country power consumption.