A Taiwanese congressman, Jason Hsu, is looking towards the country’s current anti-money laundering (AML) laws to incorporate cryptocurrencies. In a press release the ”crypto congressman” has proposed an addition to the Tiawan’s Money Laundering Control Act , putting cryptocurrencies in the same legal framework governing traditional financial instruments.
If the law is pushed through, the countries local cryptocurrency exchanges will need to comply with the AML practices set by the platform. As with other investment firms, cryptocurrency exchanges, are liable for recordkeeping concerning transaction records and filing reports of suspicious activities to regulators.
Hsu commented in the press release:
”All those involved should have the responsibilities to take care of this budding ecosystem.”
This proposal is an attempt to provide investor security with an established legal framework. As with many countries they hope to adopt blockchain technology and cryptocurrency in a secure manner while at the same time allow the industries to grow without too much impediment.
While Hsu wants to see wants to see the market become more secure, he does not want too much government meddling and would rather see the exchanges take over the autonomy of self-regulation.