Crypto:
29881
Bitcoin:
$68.463
% 0.95
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.463
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Taiwan Releases Guidelines for Crypto Exchanges

Taiwan Guidelines Crypto Exchanges

Taiwan releases guidelines for crypto exchanges! Taiwan’s financial watchdog announced a set of guidelines for virtual asset service providers (VASPs) focusing on customer protection today.

The Financial Supervisory Commission stated that, according to the new guidelines, domestic crypto platform companies must ensure the safekeeping of assets for both their companies and clients. It also added that they need to establish standards for the listing and delisting of cryptocurrencies and enhance information disclosure.

The guidelines also stated that offshore exchanges wishing to operate in Taiwan must register with the FSC.

The guide says, “Foreign virtual asset platform operators who are not registers according to corporate laws and do not declare compliance with anti-money laundering regulations to the FSC, cannot apply for business or target citizens in Taiwan.”

The FSC also specified that crypto exchanges are “not allowed to engage in transactions involving derivative financial products with businesses possessing virtual asset characteristics as their underlying asset.”

Previously, Taiwan had mandated VASPs to comply with anti-money laundering laws since the FSC implemented anti-money laundering rules in 2021.


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Regulations

After the guidelines are officially publish by the FSC, crypto exchanges in Taiwan are expecting to form an industry association and establish self-regulatory rules based on the guidelines.

The nine crypto exchanges currently located in Taiwan are preparing to establish an association in October. The exchanges decided to set up a working group to prepare for the association application.

Among them, Wayne Huang, the founding partner and Group CEO of Taipei-based crypto exchange XREX, stated;

He said that the FSC’s new rules could “give birth to a new industry by providing a solid path for legitimacy, supervision, growth for a new sector.”


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