Taiwan regulator to crypto business: compliance with AML laws is a key to successful enterprise

The leader of the central economic regulator of Taiwan has recently made an obvious yet prudent advice: in many cases, the local cryptocurrency businesspeople should simply do their homework on the classic anti-money laundering (AML) acts and develop their firms in accordance with them. In doing so, they will make their business much more transparent from the start, which means less complaints from the regulators and better reputation of the company.

This announcement, while not offering the universal solution for the money laundering issue, will send the startup founders a clear message that the Central Bank controls the sphere and knows a cryptocurrency fraud when it sees one. The Central Bank has also vowed to post warnings for investors in case the price of Bitcoin (and, possibly, other cryptocurrencies) becomes volatile and risky.

The Central Bank of Taiwan, an island state next to China, is independent from the neighbor and can pursue less aggressive cryptocurrency policy. In some other messages coming from Formosa, as this place was called for a long time, the local businessman has pointed out the obvious lack of necessity to act rashly when dealing with crypto business.

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