Chinese Nationalist Party (KMT) Legislator Jason Hsu (許毓仁) yesterday said he would propose a legislative amendment to ensure accountability and institute supervision in electronic currency trading, to help the nation pass an evaluation by the Asia/Pacific Group on Money Laundering later this year amid mounting concerns about the possible use of cryptocurrencies for money laundering purposes.
Hsu said he intends to propose an amendment to the Money Laundering Control Act (洗錢防制法) that would oblige cryptocurrency trading platforms to keep watch on trading and report suspicious transactions to the Ministry of Justice, which oversees non-financial institution.
The amendment would mean that digital-currency trading platforms have to screen potential customers and retain records on them, he said.
Photo: AP
In the absence of an office dedicated to cryptocurrencies, the proposed legislation would be a temporary measure to tackle money laundering, Hsu said, adding that the ministry is responsible for deterring money laundering at cryptocurrency exchanges.
The act would be amended after digital-currency exchanges are defined and a regulator is set up to govern such activity, Hsu said.
The Financial Supervisory Commission should supervise virtual currencies, but the Cabinet has not yet decided how cryptocurrency controls can be incorporated into the act or which agency should oversee them due to the complexity of the issue, he said.
Instead of passing the buck, Hsu said he would suggests a more pragmatic approach and propose to designate the justice ministry as the regulatory authority for now.
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