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Taiwan Announces Financial Supervisory Commission To Manage Cryptocurrencies And Exchanges
Taiwan is set to establish a regulatory framework for exchanges and cryptocurrencies, according to a report by Central News Agency (CNA). The Financial Supervisory Commission will be responsible for managing the industry, first through self-regulation with reference to international norms, and later through a special law. This comes after Taiwan investors lost heavily in the FTX Crash, and the government wants to prevent similar incidents from occurring in the country.
With the overall market value of cryptocurrencies exceeding $1 trillion, the government is keen to regulate the industry to ensure investor protection. Other countries, such as the European Union, Singapore, Japan, South Korea, and Israel, have already established financial regulators to oversee cryptocurrencies. Taiwan will follow suit, with the Financial Supervisory Commission taking on the role.
The government plans to adopt a phased approach to regulation, with the industry first self-regulating according to international norms. The Financial Supervisory Commission will continue to gather information on international trends while studying the best regulatory approaches. A special law for cryptocurrencies is also in the works.
Once a regulatory framework is established, the Financial Supervisory Commission will set principles and guidelines for the industry. Industry associations will then develop self-regulation codes to ensure internal control points are established, such as rules for asset segregation, wallet management, and product listings.
The government plans to submit the regulatory framework to the Executive Yuan for approval soon, with the announcement expected by the end of March or the beginning of April. However, it is worth noting that cryptocurrencies come in a wide range of forms, and not all can be easily defined and regulated by a single government agency. For example, non-fungible tokens (NFTs) may be difficult for the Financial Supervisory Commission to value. Therefore, the government is still working on how to assign regulatory responsibility for different forms of cryptocurrencies.
Overall, the establishment of a regulatory framework for exchanges and cryptocurrencies is a significant step for Taiwan in managing this fast-growing industry. It should help protect investors while promoting innovation and growth in the sector.
#Taiwan #nftcommunity #crypto2023 #cryptoregulation #azcoinnews
This article was republished from azcoinnews.com
With the overall market value of cryptocurrencies exceeding $1 trillion, the government is keen to regulate the industry to ensure investor protection. Other countries, such as the European Union, Singapore, Japan, South Korea, and Israel, have already established financial regulators to oversee cryptocurrencies. Taiwan will follow suit, with the Financial Supervisory Commission taking on the role.
The government plans to adopt a phased approach to regulation, with the industry first self-regulating according to international norms. The Financial Supervisory Commission will continue to gather information on international trends while studying the best regulatory approaches. A special law for cryptocurrencies is also in the works.
Once a regulatory framework is established, the Financial Supervisory Commission will set principles and guidelines for the industry. Industry associations will then develop self-regulation codes to ensure internal control points are established, such as rules for asset segregation, wallet management, and product listings.
The government plans to submit the regulatory framework to the Executive Yuan for approval soon, with the announcement expected by the end of March or the beginning of April. However, it is worth noting that cryptocurrencies come in a wide range of forms, and not all can be easily defined and regulated by a single government agency. For example, non-fungible tokens (NFTs) may be difficult for the Financial Supervisory Commission to value. Therefore, the government is still working on how to assign regulatory responsibility for different forms of cryptocurrencies.
Overall, the establishment of a regulatory framework for exchanges and cryptocurrencies is a significant step for Taiwan in managing this fast-growing industry. It should help protect investors while promoting innovation and growth in the sector.
#Taiwan #nftcommunity #crypto2023 #cryptoregulation #azcoinnews
This article was republished from azcoinnews.com
Taiwan Implements Stricter Regulations on Cryptocurrency Businesses
Taiwan's recent approval of stringent regulations targeting cryptocurrency businesses reflects a proactive stance in managing the dynamic digital asset landscape. These measures aim to enhance transparency, accountability, and security within the burgeoning industry while mitigating risks associated with illicit financial activities.
Extending Regulatory Reach Beyond Borders
The scope of Taiwan's regulatory framework extends beyond its borders, impacting businesses and individuals providing virtual asset services or third-party payment services to Taiwanese citizens. Compliance with Taiwan's company law, AML measures, and registration requirements is mandatory for entities operating outside the country, underscoring the authorities' commitment to maintaining regulatory integrity.
Path to Compliance and Accountability
With an estimated 60 to 70 cryptocurrency businesses in Taiwan, the regulatory landscape is poised for transformation. All businesses will be required to declare and undergo comprehensive reviews, ensuring adherence to AML standards and regulatory guidelines. The impending establishment of a cryptocurrency business association will provide additional oversight and support, fostering a culture of compliance and accountability.
Strengthening Internal Controls for Enhanced Security
To bolster internal control mechanisms, cryptocurrency businesses will enlist the expertise of accountants. This collaborative effort aims to fortify compliance with regulatory standards, safeguarding against potential risks and enhancing the overall integrity of the financial system.
A Proactive Approach to Consumer Protection
Taiwan's proactive measures signify a commitment to protecting investors and consumers while fostering innovation in the digital asset market. By imposing stringent regulations, the authorities seek to instill confidence among stakeholders, ensuring the long-term sustainability and integrity of the cryptocurrency ecosystem.
Toward a Mature and Responsible Digital Asset Market
Taiwan's adoption of stricter regulations marks a significant milestone in the evolution of its digital asset market. As global cryptocurrency regulation continues to evolve, Taiwan's proactive approach serves as a model for fostering responsible growth while prioritizing consumer protection and financial integrity.
#Taiwan #BitEagleNews
Extending Regulatory Reach Beyond Borders
The scope of Taiwan's regulatory framework extends beyond its borders, impacting businesses and individuals providing virtual asset services or third-party payment services to Taiwanese citizens. Compliance with Taiwan's company law, AML measures, and registration requirements is mandatory for entities operating outside the country, underscoring the authorities' commitment to maintaining regulatory integrity.
Path to Compliance and Accountability
With an estimated 60 to 70 cryptocurrency businesses in Taiwan, the regulatory landscape is poised for transformation. All businesses will be required to declare and undergo comprehensive reviews, ensuring adherence to AML standards and regulatory guidelines. The impending establishment of a cryptocurrency business association will provide additional oversight and support, fostering a culture of compliance and accountability.
Strengthening Internal Controls for Enhanced Security
To bolster internal control mechanisms, cryptocurrency businesses will enlist the expertise of accountants. This collaborative effort aims to fortify compliance with regulatory standards, safeguarding against potential risks and enhancing the overall integrity of the financial system.
A Proactive Approach to Consumer Protection
Taiwan's proactive measures signify a commitment to protecting investors and consumers while fostering innovation in the digital asset market. By imposing stringent regulations, the authorities seek to instill confidence among stakeholders, ensuring the long-term sustainability and integrity of the cryptocurrency ecosystem.
Toward a Mature and Responsible Digital Asset Market
Taiwan's adoption of stricter regulations marks a significant milestone in the evolution of its digital asset market. As global cryptocurrency regulation continues to evolve, Taiwan's proactive approach serves as a model for fostering responsible growth while prioritizing consumer protection and financial integrity.
#Taiwan #BitEagleNews
Report: Over 50 Virtual Currency Platform Operators Interested in Entering the Taiwan Market.
$BTC
#WebGTR #VirtualCurrency #TaiwanMarket #Taiwan #bitcoin
$BTC
#WebGTR #VirtualCurrency #TaiwanMarket #Taiwan #bitcoin
Taiwan and El Salvador Join Forces on Crypto Regulation
CryptosHeadlines.com - The Leading Crypto Research Network
The cryptocurrency group in Taiwan has asked El Salvador for help in making better rules for cryptocurrencies.
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The Taiwan Crypto Association talked to officials in El Salvador, like the Virtual Assets Bureau, Presidential Office, and central bank. They asked for help in making better rules for cryptocurrencies.
Right now, Taiwan’s rules don’t allow trading cryptocurrency derivatives or creating stablecoins like Bitcoin. They want to make new laws to support the cryptocurrency market. El Salvador is one of the few countries that like cryptocurrencies; they even made Bitcoin a legal way to pay for things in September 2021.
Taiwan’s approach to cryptocurrency regulations
During a public meeting about watching over digital money in Taiwan, they talked a lot about cryptocurrencies. They thought about letting people do more complicated types of trading with cryptocurrencies and making a special office for financial technology. People from big crypto places like Bitfinex and Binance were there too.
Taiwan wants to make a special office called the Virtual Assets Bureau to make sure people who use cryptocurrencies are safe and that trading digital money follows the rules. They also plan to make rules for companies that provide cryptocurrency services, and these rules should be ready by September 2023.
The Financial Supervisory Commission will be in charge of making sure cryptocurrencies are used correctly, that no one is doing illegal money stuff, and that crypto companies follow the rules.
FTX Crisis Sparks Taiwan’s Drive for Crypto Regulations
Taiwan used to be quite relaxed about cryptocurrency rules, mainly making sure people weren’t using it for illegal money activities. In September 2022, they gave licenses to 24 cryptocurrency companies to help stop money laundering.
But, after the problems with FTX, things changed. FTX offered high interest rates to people who put their US dollars in, but then it went out of business. Many people in Taiwan used FTX, so regulators started getting more active about making rules.
Even though China stopped cryptocurrency mining and trading, Taiwan’s Crypto Association is now working with regulators to make sure there are good rules to control and manage the cryptocurrency industry.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #cryptomarket #Taiwan #ElSalvador #CryptoRegulation
The cryptocurrency group in Taiwan has asked El Salvador for help in making better rules for cryptocurrencies.
Ad. Get UPTO $50 USDT Reward From CryptosHeadlines. Visit Official Tweet
The Taiwan Crypto Association talked to officials in El Salvador, like the Virtual Assets Bureau, Presidential Office, and central bank. They asked for help in making better rules for cryptocurrencies.
Right now, Taiwan’s rules don’t allow trading cryptocurrency derivatives or creating stablecoins like Bitcoin. They want to make new laws to support the cryptocurrency market. El Salvador is one of the few countries that like cryptocurrencies; they even made Bitcoin a legal way to pay for things in September 2021.
Taiwan’s approach to cryptocurrency regulations
During a public meeting about watching over digital money in Taiwan, they talked a lot about cryptocurrencies. They thought about letting people do more complicated types of trading with cryptocurrencies and making a special office for financial technology. People from big crypto places like Bitfinex and Binance were there too.
Taiwan wants to make a special office called the Virtual Assets Bureau to make sure people who use cryptocurrencies are safe and that trading digital money follows the rules. They also plan to make rules for companies that provide cryptocurrency services, and these rules should be ready by September 2023.
The Financial Supervisory Commission will be in charge of making sure cryptocurrencies are used correctly, that no one is doing illegal money stuff, and that crypto companies follow the rules.
FTX Crisis Sparks Taiwan’s Drive for Crypto Regulations
Taiwan used to be quite relaxed about cryptocurrency rules, mainly making sure people weren’t using it for illegal money activities. In September 2022, they gave licenses to 24 cryptocurrency companies to help stop money laundering.
But, after the problems with FTX, things changed. FTX offered high interest rates to people who put their US dollars in, but then it went out of business. Many people in Taiwan used FTX, so regulators started getting more active about making rules.
Even though China stopped cryptocurrency mining and trading, Taiwan’s Crypto Association is now working with regulators to make sure there are good rules to control and manage the cryptocurrency industry.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #cryptomarket #Taiwan #ElSalvador #CryptoRegulation
🚨🔥 BREAKING: 🇹🇼 Taiwan SHAKES Up The #Crypto World 😳
🇹🇼 Taiwan just introduced a HUGE bill that could redefine the crypto industry 🔥
1😞EVERYONE in crypto needs to know about this NOW 👀
On Oct. 25, Taiwanese lawmakers introduced the "Virtual Asset Management Bill" to their parliament.#Anilsingta
2️⃣ Purpose of the Bill?
👉 The main goals are:
▶️ Better protection for consumers.
▶️ Proper supervision of the #crypto industry.
3️⃣ Key Provisions:
#Taiwan
👉 Virtual asset service providers (VASPs) need to keep customers' funds separate from their own reserves.
👉 VASPs must have an internal control system and audit mechanisms.
👉 They also need to be a part of the local trade association.
👉 Notably, the bill doesn't require a 1:1 reserve for stablecoin issuers and doesn't mention algorithmic stablecoins.
👉 Specific advertising rules are still to be set by the designated authority.
4️⃣ Penalties:
👉 Companies operating without a license face fines:
▶️ Minimum: 2 million Taiwanese dollars ($60,000).
▶️ Maximum: 20 million TWD ($600,000).
5️⃣ Timeframe:
👉 Companies already in the Taiwan market will have six months to get licensed once the bill is active.
6Industry's Response:
👉 Major Taiwanese #crypto exchanges have formed a self-regulatory body.
👉 This includes exchanges like MaiCoin, BitstreetX, and others.
👉 They've created the Taiwan Virtual Asset Platform and Transaction Business Association to support the industry and liaise with regulators.
Disclaimer: this article just for information from not financial Advise No legal and other act to take for any loss we are not responsible
Id you really like this please follow for next valuable contents keep coming
🇹🇼 Taiwan just introduced a HUGE bill that could redefine the crypto industry 🔥
1😞EVERYONE in crypto needs to know about this NOW 👀
On Oct. 25, Taiwanese lawmakers introduced the "Virtual Asset Management Bill" to their parliament.#Anilsingta
2️⃣ Purpose of the Bill?
👉 The main goals are:
▶️ Better protection for consumers.
▶️ Proper supervision of the #crypto industry.
3️⃣ Key Provisions:
#Taiwan
👉 Virtual asset service providers (VASPs) need to keep customers' funds separate from their own reserves.
👉 VASPs must have an internal control system and audit mechanisms.
👉 They also need to be a part of the local trade association.
👉 Notably, the bill doesn't require a 1:1 reserve for stablecoin issuers and doesn't mention algorithmic stablecoins.
👉 Specific advertising rules are still to be set by the designated authority.
4️⃣ Penalties:
👉 Companies operating without a license face fines:
▶️ Minimum: 2 million Taiwanese dollars ($60,000).
▶️ Maximum: 20 million TWD ($600,000).
5️⃣ Timeframe:
👉 Companies already in the Taiwan market will have six months to get licensed once the bill is active.
6Industry's Response:
👉 Major Taiwanese #crypto exchanges have formed a self-regulatory body.
👉 This includes exchanges like MaiCoin, BitstreetX, and others.
👉 They've created the Taiwan Virtual Asset Platform and Transaction Business Association to support the industry and liaise with regulators.
Disclaimer: this article just for information from not financial Advise No legal and other act to take for any loss we are not responsible
Id you really like this please follow for next valuable contents keep coming
Taiwan’s New Digital Currency Laws: September Introduction
The Financial Supervisory Commission (FSC) plans to introduce new regulations for digital assets in Taiwan by September 2024.
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The proposed draft bill aims to improve regulations in digital asset markets and ensure the safety of investors. Huang Tien-mu, the chairman of the FSC, provided this information in a news report by UDN on March 4.
Strengthening Regulations for Digital Assets in Taiwan
In a recent speech, Huang highlighted the potential fraud risks associated with digital currencies and warned of strict penalties for merchants engaging in fraudulent activities. He emphasized the increasing interconnection between digital assets and the traditional financial system, underscoring the need to protect the stability of the legacy financial system from the risks posed by digital assets.
To address these concerns, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament on Oct. 25. The bill aims to enhance customer protection and supervise the industry more effectively. Additionally, it proposes imposing fines ranging from two million to 20 million Taiwanese dollars (approximately $60,000 to $600,000) on unlicensed virtual asset service providers (VASPs).
Taiwan’s Regulatory Developments in Cryptocurrency
The Chamber of Commerce in Taiwan is set to release a study on Bitcoin exchange-traded funds (ETFs) in April, as announced by Gao Jingping, the deputy director of the Warranty Bureau. The study aims to provide insights into the implications of Bitcoin ETFs for the market.
Huang Tien-mu, chairman of Taiwan’s Financial Supervisory Commission (FSC), mentioned that Taiwan is contemplating the acceptance of spot Bitcoin ETFs within its regulatory framework. However, he advised caution to investors regarding foreign crypto-based exchange-traded products, highlighting potential risks.
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The FSC has implemented regulations prohibiting foreign Virtual Asset Service Providers (VASPs) from operating in Taiwan without obtaining approval from the regulator. These rules were established following the formation of a self-regulatory association by major cryptocurrency exchanges in the country on Sept. 26, 2023. Exchanges such as BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito united to support the crypto industry and collaborate with regulators.
Also Read: German VC Firm CEO Predicts Ripple’s XRP Will Become Global Currency
Moreover, Taiwan’s FSC granted the country’s inaugural security token offering license to Cathay Securities on Nov. 9, 2023. This license allows Cathay Securities to issue tokenized green bonds worth $930,000 every six months. This move represents Taiwan’s commitment to fostering innovation in the cryptocurrency sector while ensuring regulatory compliance and investor protection.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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#Taiwan #Bitcoin #Altcoin #Cryptocurrency #CryptoNews
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The proposed draft bill aims to improve regulations in digital asset markets and ensure the safety of investors. Huang Tien-mu, the chairman of the FSC, provided this information in a news report by UDN on March 4.
Strengthening Regulations for Digital Assets in Taiwan
In a recent speech, Huang highlighted the potential fraud risks associated with digital currencies and warned of strict penalties for merchants engaging in fraudulent activities. He emphasized the increasing interconnection between digital assets and the traditional financial system, underscoring the need to protect the stability of the legacy financial system from the risks posed by digital assets.
To address these concerns, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament on Oct. 25. The bill aims to enhance customer protection and supervise the industry more effectively. Additionally, it proposes imposing fines ranging from two million to 20 million Taiwanese dollars (approximately $60,000 to $600,000) on unlicensed virtual asset service providers (VASPs).
Taiwan’s Regulatory Developments in Cryptocurrency
The Chamber of Commerce in Taiwan is set to release a study on Bitcoin exchange-traded funds (ETFs) in April, as announced by Gao Jingping, the deputy director of the Warranty Bureau. The study aims to provide insights into the implications of Bitcoin ETFs for the market.
Huang Tien-mu, chairman of Taiwan’s Financial Supervisory Commission (FSC), mentioned that Taiwan is contemplating the acceptance of spot Bitcoin ETFs within its regulatory framework. However, he advised caution to investors regarding foreign crypto-based exchange-traded products, highlighting potential risks.
Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com
The FSC has implemented regulations prohibiting foreign Virtual Asset Service Providers (VASPs) from operating in Taiwan without obtaining approval from the regulator. These rules were established following the formation of a self-regulatory association by major cryptocurrency exchanges in the country on Sept. 26, 2023. Exchanges such as BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito united to support the crypto industry and collaborate with regulators.
Also Read: German VC Firm CEO Predicts Ripple’s XRP Will Become Global Currency
Moreover, Taiwan’s FSC granted the country’s inaugural security token offering license to Cathay Securities on Nov. 9, 2023. This license allows Cathay Securities to issue tokenized green bonds worth $930,000 every six months. This move represents Taiwan’s commitment to fostering innovation in the cryptocurrency sector while ensuring regulatory compliance and investor protection.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com
#Taiwan #Bitcoin #Altcoin #Cryptocurrency #CryptoNews
Taiwan to Ban Non-Compliant Offshore Crypto Exchanges
CryptosHeadlines.com - The Leading Crypto Research Network
Taiwan’s financial watchdog is in the process of drafting ten guiding principles for virtual asset service providers, set to be released by the end of this month. These principles will explicitly state that offshore crypto exchanges must comply with proper registration to operate within Taiwan.
The Financial Supervisory Commission (FSC) of Taiwan aims to restrict offshore crypto exchanges from conducting onshore operations without appropriate compliance registration, as part of its upcoming guidelines for crypto firms.
These guidelines will encourage virtual asset service providers to establish their own self-regulatory rules. They are expected to emphasize the importance of information disclosure, the establishment of standards for listing and delisting virtual assets, and the secure separation and custody of both company and customer assets.
One significant restriction outlined in the principles will be a strict prohibition on illegal solicitation of business by foreign crypto firms. The FSC plans to specify that foreign virtual asset service providers must register in compliance with company law and declare their adherence to anti-money laundering regulations to operate within Taiwan or engage with domestic residents.
Binance Pursuing AML Compliance Registration
Taiwan has required virtual asset service providers (VASPs) to adhere to anti-money laundering laws since the Financial Supervisory Commission (FSC) introduced these regulations in July 2021. However, the broader crypto industry in the country has remained largely unregulated.
Last month, it was reported that Binance, the world’s largest crypto exchange, is in the process of seeking registration in Taiwan to comply with anti-money laundering requirements. While Binance is not officially regulated in Taiwan, it has established a local entity called “Binance International Limited Taiwan Branch (Seychelles),” as recorded in the Department of Commerce’s database. The registration was approved by the government on May 12, 2023, with a registered capital of NT$30 million ($937,000) in Taiwan.
Additionally, the Ministry of Economic Affairs announced last month its proposal to introduce a new business category in relevant regulations, potentially allowing cryptocurrency-related companies to form industry associations. This initiative aims to promote the development of self-regulatory guidelines within the crypto sector.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Blockchain #Bitcoin #CryptoNews #cryptomarket #Taiwan
Taiwan’s financial watchdog is in the process of drafting ten guiding principles for virtual asset service providers, set to be released by the end of this month. These principles will explicitly state that offshore crypto exchanges must comply with proper registration to operate within Taiwan.
The Financial Supervisory Commission (FSC) of Taiwan aims to restrict offshore crypto exchanges from conducting onshore operations without appropriate compliance registration, as part of its upcoming guidelines for crypto firms.
These guidelines will encourage virtual asset service providers to establish their own self-regulatory rules. They are expected to emphasize the importance of information disclosure, the establishment of standards for listing and delisting virtual assets, and the secure separation and custody of both company and customer assets.
One significant restriction outlined in the principles will be a strict prohibition on illegal solicitation of business by foreign crypto firms. The FSC plans to specify that foreign virtual asset service providers must register in compliance with company law and declare their adherence to anti-money laundering regulations to operate within Taiwan or engage with domestic residents.
Binance Pursuing AML Compliance Registration
Taiwan has required virtual asset service providers (VASPs) to adhere to anti-money laundering laws since the Financial Supervisory Commission (FSC) introduced these regulations in July 2021. However, the broader crypto industry in the country has remained largely unregulated.
Last month, it was reported that Binance, the world’s largest crypto exchange, is in the process of seeking registration in Taiwan to comply with anti-money laundering requirements. While Binance is not officially regulated in Taiwan, it has established a local entity called “Binance International Limited Taiwan Branch (Seychelles),” as recorded in the Department of Commerce’s database. The registration was approved by the government on May 12, 2023, with a registered capital of NT$30 million ($937,000) in Taiwan.
Additionally, the Ministry of Economic Affairs announced last month its proposal to introduce a new business category in relevant regulations, potentially allowing cryptocurrency-related companies to form industry associations. This initiative aims to promote the development of self-regulatory guidelines within the crypto sector.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Blockchain #Bitcoin #CryptoNews #cryptomarket #Taiwan
Taiwan’s New Digital Currency Laws: September Introduction.
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Read here: https://www.binance.com/en/feed/post/4955910600433
#Taiwan #Bitcoin #Altcoin #Cryptocurrency #CryptoNews
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Read here: https://www.binance.com/en/feed/post/4955910600433
#Taiwan #Bitcoin #Altcoin #Cryptocurrency #CryptoNews
Taiwan Issues Crypto Exchange Guidelines – Restricts Offshore Compliance
CryptosHeadlines.com - The Leading Crypto Research Network
Today, Taiwan’s Financial Supervisory Commission has released important guidelines for crypto platforms. This move signals a stronger push for regulatory oversight in the cryptocurrency industry.Taiwan’s financial watchdog has unveiled guidelines aimed at safeguarding customers in the virtual asset services provider (VASP) industry.
These guidelines require local crypto platforms to keep company and customer assets separate, set criteria for adding or removing virtual assets, and improve transparency in information sharing, according to the Financial Supervisory Commission.
Furthermore, the new rules state that offshore exchanges wanting to operate in Taiwan must register with the FSC.
The guidelines state that foreign virtual asset platform operators who haven’t registered under company laws and haven’t confirmed their compliance with anti-money laundering rules to the FSC are not allowed to seek business in Taiwan or target Taiwanese citizens.
The FSC also made it clear that crypto platforms can’t be involved in activities related to financial products based on virtual assets or virtual asset businesses resembling securities.
It’s worth noting that Taiwan has been enforcing anti-money laundering regulations for virtual asset service providers (VASPs) since July 2021.
Self-Regulation
After the Financial Supervisory Commission (FSC) released its guidelines, crypto platforms in Taiwan are planning to create an industry association and develop self-regulatory rules aligned with these guidelines.
Presently, nine crypto exchanges in Taiwan have formed a working group to prepare for the formation of this crypto industry association. Their goal is to submit an association application by mid-October.
This working group comprises nine companies, including major Taiwanese exchanges like MaiCoin, BitoGroup, and ACE. Winston Hsiao, the co-founder and Group Chief Risk Officer of XREX, is leading the working group, as mentioned in the statement.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Blockchain #CryptoMarket #Bitcoin #CryptoNews #Taiwan
Today, Taiwan’s Financial Supervisory Commission has released important guidelines for crypto platforms. This move signals a stronger push for regulatory oversight in the cryptocurrency industry.Taiwan’s financial watchdog has unveiled guidelines aimed at safeguarding customers in the virtual asset services provider (VASP) industry.
These guidelines require local crypto platforms to keep company and customer assets separate, set criteria for adding or removing virtual assets, and improve transparency in information sharing, according to the Financial Supervisory Commission.
Furthermore, the new rules state that offshore exchanges wanting to operate in Taiwan must register with the FSC.
The guidelines state that foreign virtual asset platform operators who haven’t registered under company laws and haven’t confirmed their compliance with anti-money laundering rules to the FSC are not allowed to seek business in Taiwan or target Taiwanese citizens.
The FSC also made it clear that crypto platforms can’t be involved in activities related to financial products based on virtual assets or virtual asset businesses resembling securities.
It’s worth noting that Taiwan has been enforcing anti-money laundering regulations for virtual asset service providers (VASPs) since July 2021.
Self-Regulation
After the Financial Supervisory Commission (FSC) released its guidelines, crypto platforms in Taiwan are planning to create an industry association and develop self-regulatory rules aligned with these guidelines.
Presently, nine crypto exchanges in Taiwan have formed a working group to prepare for the formation of this crypto industry association. Their goal is to submit an association application by mid-October.
This working group comprises nine companies, including major Taiwanese exchanges like MaiCoin, BitoGroup, and ACE. Winston Hsiao, the co-founder and Group Chief Risk Officer of XREX, is leading the working group, as mentioned in the statement.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Blockchain #CryptoMarket #Bitcoin #CryptoNews #Taiwan
Global fintech firm #Circle as forged strategic partnerships with Taiwan's BitoGroup, a prominent digital asset platform, and FamilyMart, one of the region's largest convenience store chains. This collaboration aims at expanding Circle's footprint in #Taiwan , making its financial services more accessible to a broader audience.
By integrating Circle's financial infrastructure with BitoGroup's digital asset expertise and FamilyMart's extensive retail network, this alliance sets the stage for a seamless interaction between consumers and digital financial services. This move signifies a step towards a more inclusive and convenient financial ecosystem in Taiwan.
By integrating Circle's financial infrastructure with BitoGroup's digital asset expertise and FamilyMart's extensive retail network, this alliance sets the stage for a seamless interaction between consumers and digital financial services. This move signifies a step towards a more inclusive and convenient financial ecosystem in Taiwan.
Taiwan to Consider Crypto ETFs Based on Global Trends and Regulatory Development
Taiwan’s Financial Supervisory Commission (FSC) is exploring the possibility of introducing cryptocurrency exchange-traded funds (ETFs).
The FSC revealed that it is closely studying foreign cryptocurrency futures products and ETFs. The intention is to gradually ease restrictions in alignment with global market conditions, FSC revealed to local media.
The context of this exploration coincides with several significant global developments. The Federal Reserve’s decision to cut interest rates and the upcoming review by the U.S. Securities and Exchange Commission (SEC) of the Bitcoin spot ETF in January next year have added to the momentum. The anticipation around the Bitcoin halving in April, contributing to a 150% surge this year.
The FSC recognizes the potential impact of a Bitcoin index stock fund, contingent on SEC approval and subsequent public investment permission. Taiwan’s domestic investment banks, attuned to these advancements, have expressed longstanding interest in introducing similar products.
The FSC draws parallels with global counterparts, pointing out the proliferation of cryptocurrency futures products and ETFs in various markets.
The FSC acknowledged that Canada’s Toronto Stock Exchange, Cboe Australia Exchange, and major U.S. exchanges have listed or are in the process of listing various crypto ETFs.
The FSC emphasized a phased approach based on self-discipline and standards for relaxing regulations around crypto ETFs.
As Taiwan contemplates this significant stride into the cryptocurrency ETF domain, industry players are cautiously optimistic. While some considered private placements for overseas cryptocurrency ETFs, challenges such as tightened regulatory supervision and concerns over errors and price lags led to reconsideration.
#Taiwan #ETFTrends #CryptoETFs #BinanceTournament #CryptoScoop
$BTC $ETH $XRP
Taiwan’s Financial Supervisory Commission (FSC) is exploring the possibility of introducing cryptocurrency exchange-traded funds (ETFs).
The FSC revealed that it is closely studying foreign cryptocurrency futures products and ETFs. The intention is to gradually ease restrictions in alignment with global market conditions, FSC revealed to local media.
The context of this exploration coincides with several significant global developments. The Federal Reserve’s decision to cut interest rates and the upcoming review by the U.S. Securities and Exchange Commission (SEC) of the Bitcoin spot ETF in January next year have added to the momentum. The anticipation around the Bitcoin halving in April, contributing to a 150% surge this year.
The FSC recognizes the potential impact of a Bitcoin index stock fund, contingent on SEC approval and subsequent public investment permission. Taiwan’s domestic investment banks, attuned to these advancements, have expressed longstanding interest in introducing similar products.
The FSC draws parallels with global counterparts, pointing out the proliferation of cryptocurrency futures products and ETFs in various markets.
The FSC acknowledged that Canada’s Toronto Stock Exchange, Cboe Australia Exchange, and major U.S. exchanges have listed or are in the process of listing various crypto ETFs.
The FSC emphasized a phased approach based on self-discipline and standards for relaxing regulations around crypto ETFs.
As Taiwan contemplates this significant stride into the cryptocurrency ETF domain, industry players are cautiously optimistic. While some considered private placements for overseas cryptocurrency ETFs, challenges such as tightened regulatory supervision and concerns over errors and price lags led to reconsideration.
#Taiwan #ETFTrends #CryptoETFs #BinanceTournament #CryptoScoop
$BTC $ETH $XRP
Taiwan Legislative Council member Zhang Yongchang aims to present a draft of a cryptocurrency-specific law by the end of November, highlighting the need for distinct legislation due to the unique nature of cryptocurrencies compared to traditional financial products. This proposed law would require all cryptocurrency platforms operating in Taiwan to obtain prior permission and would grant authorities the ability to order suspensions in cases of violations. The Financial Supervisory Commission (FSC) may also propose its own cryptocurrency-specific law, possibly by mid-next year. 🇹🇼💱 #Taiwan #Cryptocurrency #CryptoRegulation #Legislation
As darkness fell, some people were spending the night in tents and other shelters. Meanwhile scores of emergency workers were trying to shore up damaged buildings and demolish those deemed impossible to save.
Taiwan's strongest earthquake in 25 years kills 9 people, 50 missing.
#Taiwan
Taiwan's strongest earthquake in 25 years kills 9 people, 50 missing.
#Taiwan
Taiwan to Introduce Stricter Regulations for Offshore Cryptocurrency Exchanges
Cryptocurrency markets have been experiencing increasing scrutiny and regulation worldwide, and Taiwan is no exception. In a bid to enhance regulatory oversight and protect investors, the Taiwan Financial Supervisory Commission (FSC) has unveiled plans to introduce stricter measures for offshore cryptocurrency exchanges operating within its jurisdiction. This move comes as a response to the growing popularity of cryptocurrencies in Taiwan and a commitment to ensure the safety and security of the crypto market within the region. In this blog post, we will explore the key developments in Taiwan's cryptocurrency regulation and their implications.
Need for Stricter Regulation
The rise of cryptocurrencies has brought both opportunities and challenges. This section will discuss the reasons behind Taiwan's decision to tighten crypto regulations, including concerns about investor protection, anti-money laundering (AML) compliance, and market stability.
Ten Comprehensive Principles
The Taiwan Securities Commission is set to release ten new principles aimed at governing cryptocurrency exchanges and brokers within the country. This section will delve into the specifics of these principles, emphasizing their importance in creating a structured and secure cryptocurrency environment.
Focus on Registration
One of the core aspects of Taiwan's new regulatory framework is a stringent focus on registration. This section will explain the significance of registration for businesses operating in digital assets and how it ensures accountability and transparency.
Consequences for Non-Compliance
Taiwan's regulatory authorities are leaving no room for non-compliance. This section will outline the potential consequences for exchanges that fail to meet the rigorous compliance standards, including the possibility of an outright ban from operating within Taiwan.
Binance's Response and Commitment
As a major player in the cryptocurrency exchange industry, Binance has initiated the process of securing AML compliance registration with the FSC. This section will shed light on Binance's commitment to becoming an official exchange in Taiwan and its efforts to support regulatory initiatives, such as offering expertise in anti-money laundering measures.
In Summary
Taiwan's move towards stricter cryptocurrency regulations signifies a pioneering step in the global landscape of crypto governance. By prioritizing investor protection and market stability, Taiwan aims to foster a secure and well-regulated environment for the growing cryptocurrency industry within its borders. As the crypto world continues to evolve, the effectiveness of these regulations and their impact on the industry will be closely monitored by both local and international stakeholders.
#Binance #AML #Taiwan #DigitalAssets #regulation
Need for Stricter Regulation
The rise of cryptocurrencies has brought both opportunities and challenges. This section will discuss the reasons behind Taiwan's decision to tighten crypto regulations, including concerns about investor protection, anti-money laundering (AML) compliance, and market stability.
Ten Comprehensive Principles
The Taiwan Securities Commission is set to release ten new principles aimed at governing cryptocurrency exchanges and brokers within the country. This section will delve into the specifics of these principles, emphasizing their importance in creating a structured and secure cryptocurrency environment.
Focus on Registration
One of the core aspects of Taiwan's new regulatory framework is a stringent focus on registration. This section will explain the significance of registration for businesses operating in digital assets and how it ensures accountability and transparency.
Consequences for Non-Compliance
Taiwan's regulatory authorities are leaving no room for non-compliance. This section will outline the potential consequences for exchanges that fail to meet the rigorous compliance standards, including the possibility of an outright ban from operating within Taiwan.
Binance's Response and Commitment
As a major player in the cryptocurrency exchange industry, Binance has initiated the process of securing AML compliance registration with the FSC. This section will shed light on Binance's commitment to becoming an official exchange in Taiwan and its efforts to support regulatory initiatives, such as offering expertise in anti-money laundering measures.
In Summary
Taiwan's move towards stricter cryptocurrency regulations signifies a pioneering step in the global landscape of crypto governance. By prioritizing investor protection and market stability, Taiwan aims to foster a secure and well-regulated environment for the growing cryptocurrency industry within its borders. As the crypto world continues to evolve, the effectiveness of these regulations and their impact on the industry will be closely monitored by both local and international stakeholders.
#Binance #AML #Taiwan #DigitalAssets #regulation
Taiwan earthquake live updates: nine killed, more than 900 injured and dozens still trapped after strongest quake in 25 years
Refugees and displaced people are among the most vulnerable in the aftermath of these quakes.
By making a donation, you will provide refugees with ongoing relief and protection and help them regain hope for a better future.
Donate with whichever cryptocurrency you can and how much you can:
0x16fe9c8945725d5ef314f7f927301e2984e3bedf
#Taiwan
Refugees and displaced people are among the most vulnerable in the aftermath of these quakes.
By making a donation, you will provide refugees with ongoing relief and protection and help them regain hope for a better future.
Donate with whichever cryptocurrency you can and how much you can:
0x16fe9c8945725d5ef314f7f927301e2984e3bedf
#Taiwan
