HomeCrypto UpdatesNew guidelines and industry group established in Taiwan to enhance crypto regulations

New guidelines and industry group established in Taiwan to enhance crypto regulations

Published on

Taiwan is strengthening its regulations on cryptocurrencies with the release of new guidelines by the Financial Supervisory Commission (FSC) and the formation of an industry association by leading exchanges.

On Sep. 26, the FSC unveiled a comprehensive set of guidelines for virtual asset services providers (VASPs), which is a major step in regulating Taiwan’s growing cryptocurrency market. At the same time, nine prominent crypto exchanges in Taiwan have come together to establish an industry association, demonstrating their commitment to self-regulation and alignment with the FSC’s guidelines.

FSC’s guidelines for crypto exchanges

The FSC’s guidelines cover various key areas. Firstly, they require domestic crypto platforms to ensure the separation and custody of company and customer assets, thereby enhancing security and integrity.

Secondly, the guidelines mandate the establishment of review standards for the listing and delisting of virtual assets, ensuring that only legitimate and compliant tokens are traded on Taiwanese platforms.

Thirdly, the guidelines emphasize the importance of strengthened information disclosure to improve transparency. This includes providing clear and accessible information about trading fees, withdrawal limits, and other operational aspects.

Additionally, offshore exchanges seeking to operate in Taiwan must register with the FSC and comply with the country’s anti-money laundering (AML) regulations. The guidelines explicitly state that foreign virtual asset platforms that have not registered are prohibited from soliciting business within Taiwan or targeting Taiwanese nationals.

Industry association takes shape

In response to the FSC’s guidelines, nine major crypto exchanges in Taiwan, such as MaiCoin, BitoGroup, and ACE, have initiated the formation of an industry association. The working group is led by Winston Hsiao, the co-founder and Group CRO of XREX.

The association aims to submit its application by mid-October and is expected to develop self-supervisory rules based on the FSC’s guidelines.

Wayne Huang, the co-founder and Group CEO of Taipei-based crypto exchange XREX, praised the FSC’s new guidelines, stating that they could pave the way for a new industry, providing legitimacy, oversight, growth opportunities, and building public trust.

The FSC’s guidelines and the formation of the industry association are significant steps in Taiwan’s crypto regulatory landscape, creating a more secure and transparent environment for both investors and service providers.

In August, Binance, the global leader in crypto trading volume, applied for registration in Taiwan. The exchange has been operating in the country through its local subsidiary, Binance International Limited Taiwan Branch (Seychelles).

Follow Us on Google News

Source: https://crypto.news/taiwan-tightens-crypto-rules-with-new-guidelines-and-industry-group/

Latest articles

Analyst Suggests Ethereum Price Could Surge to $3,100 with Bullish Momentum

Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past...

Cboe Digital Announces Plan to Introduce Margin Futures Trading for Bitcoin and Ethereum by 2024

On Nov. 13, Cboe Digital announced that it will soon launch trading and clearing...

Top Trader Predicts Significant Price Increases for Sushi and Apecoin – Check Out His Projections

A crypto strategist says more rallies are up ahead for prominent decentralized exchange (DEX)...

What is the difference between NVMe and M.2?

`` Over the last decade, solid-state drives (SSDs) have become the top choice for many...

More like this

Analyst Suggests Ethereum Price Could Surge to $3,100 with Bullish Momentum

Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past...

Cboe Digital Announces Plan to Introduce Margin Futures Trading for Bitcoin and Ethereum by 2024

On Nov. 13, Cboe Digital announced that it will soon launch trading and clearing...

Top Trader Predicts Significant Price Increases for Sushi and Apecoin – Check Out His Projections

A crypto strategist says more rallies are up ahead for prominent decentralized exchange (DEX)...
bitcoin
Bitcoin (BTC) $ 62,044.62 0.57%
ethereum
Ethereum (ETH) $ 3,422.21 0.30%
tether
Tether (USDT) $ 1.00 0.06%
bnb
BNB (BNB) $ 411.06 0.93%
solana
Solana (SOL) $ 129.89 0.00%
xrp
XRP (XRP) $ 0.643805 7.11%
staked-ether
Lido Staked Ether (STETH) $ 3,417.70 0.32%
usd-coin
USDC (USDC) $ 0.999834 0.09%
cardano
Cardano (ADA) $ 0.741509 3.15%
dogecoin
Dogecoin (DOGE) $ 0.142304 2.31%