Taiwan Crypto Association Calls for Enhanced Crypto Regulations in El Salvador
Taiwan’s Crypto Association has initiated discussions with the authorities in El Salvador, including the Central Bank, the Virtual Assets Bureau, and the Presidential Palace, to advocate for stronger regulations in the crypto industry. The objective is to establish a new Virtual Assets Bureau that will enhance supervisory capacity, promote industry normalization, prevent money laundering, and eliminate illegal operators.
The proposal for a Virtual Assets Bureau was put forward during a public hearing organized by Taiwanese legislator Kuo Kuo-wen on September 7. Representatives from major crypto exchanges Binance and Bitfinex were present at the meeting.
The Financial Supervisory Commission (FSC), Taiwan’s financial regulator, highlighted that the current regulatory framework does not cover stablecoin issuance due to concerns related to legal currency supply. However, Taiwan plans to introduce virtual asset service provider (VASP) guidelines by the end of September to ensure compliance among crypto businesses and exchanges.
Perspectives on Crypto Regulations
During the public meeting, representatives from various departments emphasized the importance of regulations in Taiwan’s evolving cryptocurrency landscape. You Liling from the Ministry of Justice stressed the need for fraud detection and cooperation with law enforcement agencies to combat fraud.
“At present, we are actively cooperating with the Police Department to combat fraud, which is particularly serious for individual currency dealers and small-scale operators.”
Lin Mingjun from Taiwan’s Police Department emphasized that anti-money laundering regulations should be established by administrative departments and then implemented by criminal units. Chen Minghui from Maicoin called for special laws to address operational challenges in the industry, while He Xuanrong from Binance highlighted the importance of employee training for transparency and market fairness.
Hot Take: Taiwan Crypto Association Pushes for Enhanced Crypto Regulations in El Salvador
Taiwan’s Crypto Association is actively engaging with the authorities in El Salvador to advocate for improved crypto regulations. The proposed establishment of a Virtual Assets Bureau aims to enhance supervision, combat money laundering, and promote industry normalization. This collaboration seeks to reduce illegal operators and provide a clear path for compliant participants to enter the crypto industry. Meanwhile, representatives from various departments in Taiwan stress the importance of regulations and coordination with law enforcement agencies to combat fraud and ensure market fairness. With the introduction of virtual asset service provider guidelines, Taiwan is taking steps to establish regulatory frameworks and ensure compliance among crypto businesses and exchanges.
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