Financial regulator to look into Bitcoin ATMs reported in Taiwan

The Financial Supervisory Commission (FSC) will investigate 20 Bitcoin ATMs reported by Legislator Lai Shyh-bao (???) Thursday during a committee hearing at the Legislature, officials of Taiwan's top financial regulator said.

Asked by Lai who set up the Bitcoin ATMs and how they are regulated, FSC Chairperson Huan Tien-mu (???) said the cryptocurrency is considered a virtual asset and falls under the Money Laundering Control Act in Taiwan.

Since late November, Huang said, the FSC has met with 16 local traders who deal with virtual currencies to determine whether their operations comply with the law, and will raise the issue of the ATMs at future meetings.

The FSC will also seek information from other industry sources to determine who set up the Bitcoin ATMs, he added.

If the ATMs were not set up by the 16 traders, Chuang Hsou-yuan (???), director-general of the Banking Bureau under the FSC, told Lai that the businesses responsible for the machines will be asked to meet legal compliance requirements under the act.

Chuang told reporters after the legislative hearing the FSC will decide whether to allow the Bitcoin ATMs after conducting an investigation into the situation.

Source: Focus Taiwan News Channel