Republic of China to Release Virtual Asset Guidelines This Month

Republic of China to Release Virtual Asset Guidelines This Month


Taiwan to Release Virtual Asset Service Provider Guidelines

Taiwan’s Financial Supervisory Commission (FSC) is set to announce the “Guiding Principles for the Management of Virtual Asset Platforms and Trading Enterprises (VASP)” before the end of these 30 days. These guidelines intend to effectively regulate cryptocurrency assets, prevent money laundering, and secure compliance between cryptocurrency exchanges and firms.

Taiwan Takes Steps Towards Cryptocurrency Regulation

Regardless of the ban on cryptocurrency trading and mining in mainland China, Taiwan is moving forward with the release of guiding principles for cryptocurrency regulation. The FSC will focus on key aspects such as managing virtual asset issuance, overseeing listing and delisting procedures, and separating platform assets from customer assets. Corporations will likewise be required to secure fairness and transparency in transactions, strengthen contract formulation and complaint handling, and establish secure systems for continued operations and information security.

Taiwan’s Cryptocurrency Regulations Based on International Standards

In March 2023, Taiwan’s Government designated the FSC as the competent authority for regulating cryptocurrency assets. The regulatory regime draws inspiration from regulations in countries like the European Union, Singapore, and Japan.

READ NOW
CFTC Investigates Alleged Cryptocurrency Fraud Case Involving Mosaic Exchange Limited

Cryptocurrency Industry Advocates for Friendly Regulation in Taiwan

Cryptocurrency corporations, including exchanges, are urging for more crypto-friendly regulations in Taiwan. These corporations are seeking clarity and guidance from regulators to facilitate their operations in the country. The increase in cryptocurrency activity in Taiwan following China’s crackdown in 2021 has highlighted the need for clear and comprehensive regulations.

Hot Take: Taiwan Paves the Way for Cryptocurrency Regulation

Taiwan’s move to release guidelines for cryptocurrency regulation demonstrates its commitment to creating a supportive environment for the cryptocurrency industry. By establishing clear regulations and ensuring compliance, Taiwan intends to foster innovation and protect investors in the rapidly evolving world of cryptocurrencies.

READ NOW
Pond0x DEX Celebrates $100M Trading Volume Amid Scam Allegations
Author – Contributor at | Website

Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.

READ NOW
Alarm Raised by US Treasury Secretary Regarding Potential Recession
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend