Binance Seeks Registration in Taiwan to Comply with AML Guidelines
Binance, the global leader in cryptocurrency exchange, has applied for registration in Taiwan to comply with the Money Laundering Control Act and the Financial Supervisory Commission (FSC) guidelines. The FSC informed local crypto service providers about Binance’s intention to join the Taiwanese market. Taiwan’s cryptocurrency sector lacks significant regulation, but the FSC introduced AML guidelines in July 2021.
Key Points:
- Binance has submitted an application for registration in Taiwan to comply with AML guidelines.
- The FSC identified Binance as a prospective exchange aiming to enter the Taiwanese crypto market.
- Taiwan’s FSC is developing comprehensive guidelines for cryptocurrency trading and payments by VASPs.
- The FSC intends to release these guidelines by the end of September.
- Binance has established a Taiwan branch with government approval and registered capital.
Taiwan’s FSC Developing Comprehensive Guidelines for Cryptocurrency Trading and Payments
Taiwan’s Financial Supervisory Commission (FSC) is working on formulating comprehensive guidelines for cryptocurrency trading and payments involving Virtual Asset Service Providers (VASPs). The FSC aims to impose stringent regulations on crypto platforms in Taiwan, similar to those governing traditional financial institutions. The proposed guidelines will require VASPs to maintain a clear separation between their crypto assets and clients, as well as undergo annual audits by accounting firms.
Key Points:
- The FSC is formulating guidelines for cryptocurrency trading and payments by VASPs.
- The FSC plans to release the guidelines by the end of September.
- The guidelines will include requirements for clear separation of assets and annual audits.
- Accounting firms may be hesitant to take on crypto-related clients due to specialized knowledge.
- Legislators have proposed a law amendment to establish a dedicated bureau within the FSC for crypto-related matters.
Binance’s Growing Presence: Establishing Foothold in Taiwan
Binance is expanding its presence in Asia, including Taiwan. The company gained government approval for company registration in Taiwan and has a registered capital of NT$30 million ($944,000). Binance has also collaborated with Taiwan’s Criminal Investigation Bureau to combat digital asset-related crime. Binance emphasizes the importance of ensuring a secure and comfortable crypto ecosystem for users in Taiwan.
Key Points:
- Binance has established a foothold in Taiwan with government approval and registered capital.
- Binance collaborated with Taiwan’s Criminal Investigation Bureau to fight digital asset-related crime.
- The company aims to provide a safe and comfortable crypto ecosystem for users in Taiwan.
- Binance has extended its presence to Japan through an acquisition and is subject to regulation by the Japan Financial Services Agency.
Hot Take: Binance’s Expansion in Asia and Compliance Efforts
Binance’s move to seek registration in Taiwan and comply with AML guidelines demonstrates its commitment to expanding its presence in Asia while adhering to regulatory requirements. The company’s engagement with the Taiwanese government and law enforcement agencies showcases its dedication to combating digital asset-related crime. As cryptocurrency gains more interest in Taiwan and other countries, it is crucial for exchanges like Binance to prioritize user safety and comfort. Binance’s efforts to establish a foothold in Taiwan and Japan indicate its strategic approach to tap into key markets in the region.
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