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.
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.
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