Taiwan's Money Laundering Control Act Applies To Virtual Currency Businesses - Government, Public Sector

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Although the Central Bank of Taiwan and the Financial
Supervisory Commission (the "FSC") has characterized
Bitcoin as highly speculative virtual "goods" rather than
legal currency in 2013, the legislator has amended the
Money
Laundering Control Act (the "MLCA") on November 7,
2017, which stipulates that virtual currency platforms and trading
businesses must comply with the anti-money laundering (AML)
regulations applicable to financial institutions. In addition, the
Executive Yuan has issued a ruling on April 7 this year (2021)
designating that any entity which operates the following businesses
should fall within the scope of the MLCA:

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