The nation's goal is to have the legal framework ready before the Asia-Pacific Group visit to Taiwan to ensure the implementation of anti-money-laundering in November, said the country's justice minister, Qiu Tai-san, on Friday at an anti-money laundering conference. Taiwan Central.
The group is scheduled to visit Taiwan to conduct a bilateral assessment of existing anti-money laundering efforts. According to the report, the group is an intergovernmental agency for the Asia-Pacific region, working similarly with its global counterpart, the Financial Action Task Force.
"The current problem with the digital currency known by the Pitcairn is who bought it and who sells it," he said. "Centralization of the currency is the main problem.
The comments came shortly after a previous report showed Taiwan's Justice Ministry had already begun a conversation with other regulators and industry players about how to best regulate the Krypto market under anti-money laundering rules and achieve greater transparency in the country's digital currency trading.
According to the news report, the banks in Taiwan have already been ordered by the Financial Control Commission to name the bank accounts provided to the Batcoin platforms as high risk customers. Furthermore, transactions through these accounts above a certain threshold must be reported to the regulator in an effort to prevent possible money laundering.
This is in line with the ongoing tightening by some governments in the world, including China, South Korea and the United Kingdom, some of which have already taken steps to regulate the digital currency market. They are still working to pass laws for those currencies, including those that have banned domestic trading,
In the current period, the Crypto is trying to withstand this and achieve heights that are recognized internationally.
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