Taiwanese MP Jason Hsu has proposed an amendment to the country’s Money Laundering Control Act, with the amendment proposing to include cryptocurrencies under the act. He also proposed the government attempt to educate people about how cryptocurrencies work.
If the proposed amendment passes, Taiwan’s AML laws would more closely resemble the European Union’s AML Directive laws. Once the proposal comes into effect, crypto exchanges operating in Taiwan will be held fully accountable for money laundering, and these exchanges would have to be more responsible by keeping records of suspect transactions.
The move would provide legitimacy to the crypto and blockchain industry in Taiwan, spurring growth and pushing it out of the current gray area the industry inhabits.
Hsu affirmed his continued support for the Taiwanese crypto industry, and he adds that people involved in the crypto industry should take their responsibilities seriously and help create a safe, legal and regulated crypto ecosystem for all.
The lawmaker also called for crypto exchanges to create self-regulatory organizations and set standards for the industry.
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