Governor of the Central Bank of the Republic of China (Taiwan), Yang Chin-long, suggested to bankers to regulate the Bitcoin under the law of anti-money laundering.

Taiwan Set to Regulate Bitcoin Under Anti-Money Laundering Laws

It seems that Central Bank of the Republic of China will regulate Bitcoin under the anti-money laundering (AML) laws. Governor Yang thinks that it doesn’t exist enough transparency in trading.

楊金龍 Yang Chin-long, Governor of the Central Bank of the Republic of China (Taiwan)

“In a hearing held by the Finance Committee of the Legislative Yuan,” Focus Taiwan reported, “Yang, who took the helm of the central bank in late February, suggested that the Ministry of Justice include Bitcoin into the purview of Taiwan’s Money Laundering Control Act due to the digital currency’s lack of regulation.”

Mr. Yang wanted to assure that he is monitoring Bitcoin and he is planning to make a guide for investors. This plan is  to make them aware about the risks and the decentralized currency.

A few weeks ago, Finance Minister Sheu Yu-jer declared that Taiwan should tax Bitcoin. His department was studying the taxation issue too.

Mr. Yang Increasingly More Vocal About Bitcoin

Governor Yang recommended to the Ministry of Justice that all Bitcoin transaction should fall under AML. Malaysia introduced this month KYC rules.  South Korea has tried to implement rules about the anonymous accounts that are trading.

Yang’s comments echoed an earlier statement he made at a news conference after the central bank’s quarterly policymaking meeting held March 22.  He urged the government to regulate Bitcoin in a bid to avoid disruption of the local financial market order. He also said “major central bankers and international financial organizations are against legalization of trading in virtual currencies like Bitcoin.”

“Bitcoin markets are easy to manipulate“, he said. Because “87.5 percent of the Bitcoin transactions have been owned by only 0.61 percent of the trading accounts in the world.”  He claimed, reminding investors to “pay close attention to possible risks when they trade the digital currency.”