By November, Taiwan will introduce bitcoin regulation

The administration of Taiwan promises to present state control of bitcoin turnover in the nation by November this year, which will compare to the world principles for fighting illegal tax avoidance.

The legitimate system for the control of the Crypto-cash will be finished in the harvest time and planned to harmonize with the visit of the Asia-Pacific Group to Counter Illegal Funds. This aggregate is a nearby simple of the International Organization for Combating Financial Abuse of the FATF.

In the Taiwan money related division, I announce that in connection to exchanges with bitcoin they need to know "who, what offers and buys". It is accounted for that the nearby Ministry of Justice has just started collaboration with other administrative bodies and market members keeping in mind the end goal to bring the bitcoin turnover under the important guidelines and make the exchange digital forms of money in the nation more straightforward.

The Taiwan Financial Supervision Commission has as of now issued a request to banks that they should label accounts utilized by exchanging stages for bitcoins as high-hazard ones. The data on exchanges on such ledgers that surpass the built up limits must be exchanged to the administrative office keeping in mind the end goal to anticipate conceivable illegal tax avoidance.

Presently, Taiwan does not endorse the saving money of advanced monetary forms, but rather permits the activity of trades cryptographic money, which even substantial budgetary foundations are peering toward.