Taiwan Financial Supervisory Commission (FSC) to Implement Stricter Regulations on Off-Shore Cryptocurrency Exchanges
The Taiwan Financial Supervisory Commission (FSC) is taking proactive steps to enhance regulatory oversight of the cryptocurrency sector. In response to a public hearing on cryptocurrency usage in the region, the FSC, acting as the major financial regulator in Taiwan, has announced its intention to impose stringent regulations on off-shore cryptocurrency exchanges operating within its jurisdiction.
A Groundbreaking Leap in Cryptocurrency Regulation
As per a local official report, the Taiwan Securities regulatory body is set to release ten comprehensive principles by the end of the month, specifically designed for exchanges and brokers operating in Taiwan. This initiative demonstrates Taiwan’s commitment to pioneering cryptocurrency regulation and establishing guidelines to govern the virtual asset industry. In April, FSC chair Huang Tien-mu had already revealed plans to introduce regulatory measures for the cryptocurrency industry in September.
These guidelines prioritize registration and require businesses in the digital asset sector to establish clear standards for asset delisting and listing, ensuring a structured approach that safeguards investor interests. The FSC emphasizes that exchanges failing to meet its rigorous compliance standards may face a complete ban from operating in Taiwan.
Binance Sets Its Sights on Taiwan
In pursuit of Anti-Money Laundering (AML) compliance registration with the FSC, cryptocurrency exchange Binance has initiated the necessary procedures. While the registration process is ongoing, Binance has demonstrated its commitment to becoming an official exchange in Taiwan by offering its expertise as an AML platform during the recent hearing with the commission.
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