Taiwan Supports Cryptocurrency As It Aims To Regulate Against Fraudulent Activities.
Qiu Taisan, Taiwan’s Minister for Justice has called for the regulation of cryptocurrency in other to prevent money laundering and fraudulent activities. The Minister who supports the crypto movement believes in other for the creation of balance, there has to some sort of regulations protecting investors from fraudulent activities.
According to the Central News Agency, the Taiwan Financial Services Coalition interviewed Qui Taisan during the financial industry money laundering conference.
Gu Lixiong, the chairman of the Financial Supervision and Management Commission, has applauded the support of cryptocurrency, however, has called for the regulation and control of bitcoin and other virtual currencies. The major emphasis for the regulation is aimed at making the technology safe and secure for investors and their investment. In order to prevent bitcoin from becoming a money laundering tool, the commission has asked banks to list the account of the bitcoin sales platform as a “high-risk account.”
Change In Regulatory Impression
In a joint session of the parliament and the cabinet, Wellington Koo, the then Taiwanese Financial Supervisory Commission chairman said that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. It intends to adopt a more user-friendly approach to support the growth, development and adoption of the Blockchain technology and cryptocurrencies.
In a plenary section, Last month, the new governor of Taiwan’s central bank, Yang Chin-long, expressed “uncertainty” over cryptocurrencies’ function as a payment instrument. He was asked about the matter after a number of central banking counterparts around the world explore a Blockchain-based state cryptocurrency.
Is cryptocurrency regulation a welcomed idea? Is the Blockchain technology Safe and discreet enough? Lets know what you think by leaving a comment in the comment section area down below.
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.