Transparency Problem

[Diablicolic]

You see Ive got this character in a picture box, a .gif with a transparent background. And when I move the .gif I want its transparency background to change accordingly to the picture box behind it.

The character.Background = transparent

But the transparency is basing its transparency from the forms background. How could I make the character pictures transparency background go with the picture on the background picture box instead of the forms background?