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Taiwan Bitcoin Regulation By November

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The government of Taiwan will introduce regulations on the country's bitcoin market under anti-money laundering (AML) rules by November.

A legal framework to control cryptocurrencies will be finalized before the visit of the Asia Pacific Group on Money Laundering in November, Taiwan Central News Agency quoted the country's justice minister Chiu Tai-san as saying at an anti-money laundering event on Friday.

The group is an inter-governmental agency for the Asia Pacific region that works in a similar capacity to its global counterpart, the Financial Action Task Force (FATF).

The government wants to know "who has purchased it and whom it is sold to," Wellington Koo, chairman of Taiwanese financial watchdog, said at the event referring to Bitcoin transactions taking place in the country.

The Justice Department has reportedly begun interacting with other regulators and industry players on the ideal path to bring bitcoin under AML rules and bring more transparency to cryptocurrency trading in the country.

Taiwan's Financial Supervisory Commission (FSC), has already ordered banks to label accounts offered to bitcoin trading platforms as "high risk." Transactions through these accounts beyond a prescribed limit are required to be flagged to the regulator in a bid to prevent potential money-laundering.

Taiwan currently does not allow digital currency banking or soliciting public money for ICO's. But cryptocurrency exchanges are permitted in the east Asian country, where even major banks are starting to get in on it.

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