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Showing posts with label anti money laundering. Show all posts
Showing posts with label anti money laundering. Show all posts
Cryptocurrency Regulation is now going to take a new front with G20 Countries coming in to the picture for having ‘cryptocurrencies under the tax radar’. FATF or the Financial Action Task Force’s standards will be considered so as to enable Anti Money Laundering Act to take precedence with the way things work.


G20 Opens Up to the Possibility of Having Cryptocurrencies Regulation

The United States has been at the peak when it comes to cryptocurrency market followed by Japan, and it is due to them that G20 Countries could consider having cryptocurrency regulation; especially after the way it has shot up or rather seen a number of fluctuations over the past few months.


When such a huge set up like G20 Countries come in to the picture for #regulation of #cryptos then it will certainly be in line with FATF or the Financial Action Task Force Standards. These recent developments were seen post signing of a ‘joint declaration’ back in Buenos Aires, capital of Argentina.

There were also reports that stated of having these regulations go along with Anti Money Laundering Acts. Besides, stronger ties lead to stand against financing of terrorism.

Cryptocurrency Regulations would help Regulatory Frameworks

Agreed that there are many countries which have begun regulations in a right manner however, there are others as well who are still far behind due to the obvious reasons related to it. In order to have international standards up in place, regulatory frameworks shall be beneficial.

Establishment of Cryptocurrency Ventures seems to be put on hold due to regulatory clarity not being there. Therefore, it turns out to be necessary for speeding up the regulatory process so as to enable establishment of cryptocurrency ventures. Even Morgan Stanley and Goldman Sachs among other financial institutions are looking forward to have all crypto regulations in place.

2019, a Year to be remembered for Cryptocurrency

The sources went on to state that further discussions shall be carried out somewhere in 2019 because it is then that Japan would become the President of the Summit. (And like stated in the article earlier, Japan is second to the U. S. when it comes to cryptocurrency transactions).

It may be recalled that, Bruno Le Maire, Finance Minister of France, had earlier stated on ‘careful examination of cryptocurrencies and specifically Bitcoins’ post which final decision on having regulation of cryptocurrencies can be made.

Bitcoin Price Today

As some of you are aware of the constant changing aspect of Bitcoins, in recent times, it has not been stable with today’s (the time this article was written) Bitcoin price was close to $3933!
The moment all these questions are answered, it would become clear as to what and how will cryptocurrency regulation go forward. There are also speculations of having a ‘public investment vehicle’ similar to that of an ETF or the Exchange Traded Fund.

Looks like G20 is going to move forward and help create a system that backs ‘sustainable growth’ in ways benefiting many out there! While it is to see what would be the impact of this on cryptocurrencies. 
Crypto exchanges in Taiwan are going to have some more new strict rules targeted to prevent illegal transactions under the garb of digital currency. This news comes forth post new policies being added to ‘AML or the anti-money laundering policies’ that Taiwan has
.

It was not until this year that the Government of Taiwan okayed for digital currencies because it was still perplexed with the way regulation of Cryptocurrency market happened in Taiwan along with the Blockchain sector. However, things have changed quite a bit with the latest Money Laundering Control Act and Terrorism Financing Prevention Act coming in to action.

Legislative Yuan approved this recently drafted act and it also has been given the authority to ban transactions in case they are fraud. All of this is possible due to the fact that Legislative Yuan comes under one of the financial branches of the Government of Taiwan known as FSC aka Financial Supervisory Committee.

Regulations of Cryptocurrencies in place

With passing time, it looks like the Taiwanese Government is moving towards an arena wherein they can regulate and have proper control with the way local Cryptocurrency market works. The new system is also inclusive of the Blockchain space because their sole motto is only to prevent frauds related to or having involvement of cryptocurrencies.

Ministry of Justice, Taiwan releases statement

Even the Ministry of Justice, Taiwan has released a statement specifying these recent amendments to the anti-money laundering bill so it does not come as a surprise that the Taiwanese Government is working its way to make a good foothold with the way cryptocurrencies worked.


Related departments from the Government of Taiwan are putting their efforts to work for the better while meeting the standards laid down by International Anti-Money Laundering.

Centre for Blockchain based Businesses

Taiwan has slowly been building itself in to a center for Blockchain based businesses, so, when these things are in line then it is necessary that Taiwan and its government makes itself up to date with all aspects of cryptocurrencies. On the other hand, there were also reports for Taiwan to become one of the centers for Initial Coin Offerings also known as the ICOs!

New Crypto Laws in Taiwan

To ensure that everything is in place, Taiwan, like you read above, has modified the existing AML or the anti-money laundering law apart from CFT or the counter-terrorism financing law. Due to the recent alterations made, it would now become all the more necessary for crypto exchanges to give more information to the Government of Taiwan.

Another aspect to be carefully looked at is the way: compliance rules are to be changed by the crypto exchanges. With the Financial Supervisory Commission coming in to action (as they are responsible for creating laws in Taiwan), it is to see how would these laws impact overall Cryptocurrency Exchanges in Taiwan.

While at present, the only aim for Taiwan is to make itself more aligned with the way cryptocurrencies work besides changing crypto exchange markets for the better.