Taiwan is making significant strides in the digital currency industry. The country’s Financial Supervisory Commission (FSC) is set to institute new laws for regulating cryptocurrencies by September. This move is aimed at preventing money laundering, with a focus on Bitcoin, which is currently the most widely used cryptocurrency.
The new regulations by Taiwan’s FSC are expected to enable the country to keep a close eye on digital currencies, thus eradicating illegal transactions. This comes as a result of the increasing number of criminals turning to Bitcoin and other cryptocurrencies for money laundering. Therefore, these fresh reforms will play a key role in securing Taiwan’s digital currency market and protecting its users.
