Taiwan’s “Crypto Congressman” Proposes New Cryptocurrency-AML Rules Update

Taiwan Lawmaker Pitches AML Rules Update That Will Cover Cryptocurrencies

A Taiwanese legislator called Jason Hsu, which is often referred to as the “crypto congressman” of the country has recently started a pitch to make crypto transactions abide by the same money laundering laws that the government uses for traditional financial instruments.

To be able to do it, Hsu has proposed an amendment to the nation’s Money Laundering Control Act, which does not cover cryptos at the present point. Under the new proposal, cryptos would be specifically included under these new rules and the government would attempt to educate people about this technology and how it works.

If the law indeed passes, it can bring the Taiwanese laws closer to the Anti-Money Laundering Directive laws of the European Union. The press release sent to the media states that, once the laws come into effect, the crypto exchanges in Taiwan will be accountable for money laundering and they will have to be more responsible by keeping records of suspicious transactions and categorizing them.

The move is believed to support the growth of the blockchain technology and proper crypto businesses in the country as they develop, which could help this industry to be legitimate in the country and to get out of this immense gray area of uncertainty in which it currently is.

Hsu affirms that he aims to support the crypto space and has already noted that all the people involved in the ecosystem should take their responsibilities seriously to create a legal and regulated ecosystem that is safe for all.

Because of this, he believes that self-regulatory organizations and this kind of framework are necessary for the organizations as they need to have a good set of standards if they want their businesses to thrive in the country.

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