Taiwan is stepping up to regulate bitcoin under its existing anti-money laundering laws due to the cryptocurrency’s lack of regulation and falling into international money laundering tool, according to Chinatimes, a Taiwan news site.

Concerned about cryptocurrencies’ crazy growth but lack of transparency when traded, the Ministry of Justice said it is about to propose a draft to Taiwan’s executive branch of government about including bitcoin into the purview of the state’s Money Laundering Control Act.

The ministry stated that to cope with the rapid expansion of bitcoin and its money laundering risks, it is following the guidelines over risks of cryptocurrency issued by Financial Action Task Force (on Money Laundering) (FATF), an intergovernmental organization on the initiative to combat money laundering.

The move was made after the ministry met with domestic cryptocurrency exchanges including BitoEX and MaiCoin on Tuesday, in a bid to understand their self-regulatory measures such as know-your-customer process and transaction record filing.

Days before that, it has invited a group of financial regulators and law enforcement agencies, including its Central Bank, Ministry of Economic Affairs, Financial Supervisory Commission, National Police Administration and Investigation Bureau, to discuss the existing regulations and hurdles in the law enforcement.

Consolidating opinions from regulators and industry practitioners, a consensus was reached that it was necessary to include bitcoin into the anti-money laundering system. The ministry said it has submitted the draft to the Executive Yuan, and further measures will be taken after it is approved by the executive branch.

The latest move of Taiwan shows the state’s effort to regulate or control this “internet investment product” previously identified by its central bank.