Taiwan Financial Supervisory Commission (FSC) to Implement Stricter Regulations on Off-Shore Digitalย currency Exchanges
The Taiwan Financial Supervisory Commission (FSC) is taking proactive steps to strengthen regulatory oversight of the digitalย currency sector. Asย aย result to a public hearing on digitalย currency usage in the region, the FSC, acting as the major financial regulator in Taiwan, has announced its intention to impose strictย controls on off-shore digitalย currency exchanges operating within its jurisdiction.
A Groundbreaking Leap in Digitalย 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 30ย days, inย particularย designed for exchanges and brokers operating in Taiwan. This initiative demonstrates Taiwanโs commitment to pioneering digitalย currency regulation and establishing guidelines to govern the virtual asset industry. In April, FSC chair Huang Tien-mu had already revealed intendsย to introduce regulatory measures for the industry of digitalย 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, digitalย currency exchange Binance has initiated the necessary procedures. Althoughย 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 wholeย lotย of step towards ensuring transparency and investor protection in the digitalย 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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