Taiwan Financial Supervisory Commission (FSC) to Implement Stricter Regulations on Off-Shore Digital currency Exchanges
The Taiwan Financial Supervisory Commission (FSC) is taking proactive steps to strengthen regulatory oversight of the digital currency sector. As a result to a public hearing on digital currency usage in the region, the FSC, acting as the major financial regulator in Taiwan, has announced its intention to impose strict controls on off-shore digital currency exchanges operating within its jurisdiction.
A Groundbreaking Leap in Digital currency Regulation
As per a local official report, the Taiwan Securities regulatory body is set to release 10 comprehensive principles by the end of the 30 days, in particular designed for exchanges and brokers operating in Taiwan. This initiative demonstrates Taiwan’s commitment to pioneering digital currency regulation and establishing guidelines to govern the virtual asset industry. In April, FSC chair Huang Tien-mu had already revealed intends to introduce regulatory measures for the industry of digital currency in September.
These guidelines prioritize registration and require enterprises 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, digital currency exchange Binance has initiated the necessary procedures. Although 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.
Hot Take: Stricter regulations imposed by the Taiwan FSC signify a whole lot of step towards ensuring transparency and investor protection in the digital currency industry. This move sets a precedent for other countries to follow suit and establish comprehensive guidelines for the rapidly evolving digital asset market.
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