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🚀 Breaking News: Taiwan Takes Strides Towards Regulating Crypto Exchanges 🇹🇼💱
Hold onto your digital wallets! The Financial Supervisory Commission of Taiwan (FSC) is stepping up its game when it comes to overseeing cryptocurrency exchanges within its borders.
As per the latest scoop from Yahoo Finance on Tuesday, September 12, 2023, reports from CNA reveal that the FSC has its sights set on prohibiting foreign crypto exchanges that fail to comply with Taiwan's regulatory requirements from operating.
The FSC is gearing up to release ten guiding principles for virtual currency regulation by the end of this month. These principles will serve as the cornerstone for public institutions to formulate specific regulatory norms. However, they remain flexible, evolving in tandem with ongoing research and international standards.
Among the FSC's guidelines is the mandate for exchanges to implement anti-money laundering procedures. Platforms are also expected to maintain segregated custody of their assets and customer holdings, in addition to meeting record-keeping and record-deletion standards.
With these restrictions in place, Taiwan joins a growing list of nations aiming to exercise greater oversight over the crypto industry.
The FSC's mission is twofold: safeguarding its citizens from unregulated platforms and ensuring market transparency. Foreign exchanges that lure Taiwanese customers without proper registration could find themselves facing the banhammer.
Notably, crypto heavyweight Binance has applied for a Taiwan license and offered its anti-money laundering expertise to regulators.
With the impending release of these regulatory principles later this month, Taiwan's crypto landscape is on the path to more formalized supervision and international compliance. Stay tuned for more crypto updates! 📈🔒 #news #TaiwanCrypto #RegulationRevolution
Hold onto your digital wallets! The Financial Supervisory Commission of Taiwan (FSC) is stepping up its game when it comes to overseeing cryptocurrency exchanges within its borders.
As per the latest scoop from Yahoo Finance on Tuesday, September 12, 2023, reports from CNA reveal that the FSC has its sights set on prohibiting foreign crypto exchanges that fail to comply with Taiwan's regulatory requirements from operating.
The FSC is gearing up to release ten guiding principles for virtual currency regulation by the end of this month. These principles will serve as the cornerstone for public institutions to formulate specific regulatory norms. However, they remain flexible, evolving in tandem with ongoing research and international standards.
Among the FSC's guidelines is the mandate for exchanges to implement anti-money laundering procedures. Platforms are also expected to maintain segregated custody of their assets and customer holdings, in addition to meeting record-keeping and record-deletion standards.
With these restrictions in place, Taiwan joins a growing list of nations aiming to exercise greater oversight over the crypto industry.
The FSC's mission is twofold: safeguarding its citizens from unregulated platforms and ensuring market transparency. Foreign exchanges that lure Taiwanese customers without proper registration could find themselves facing the banhammer.
Notably, crypto heavyweight Binance has applied for a Taiwan license and offered its anti-money laundering expertise to regulators.
With the impending release of these regulatory principles later this month, Taiwan's crypto landscape is on the path to more formalized supervision and international compliance. Stay tuned for more crypto updates! 📈🔒 #news #TaiwanCrypto #RegulationRevolution
⚡️ #Taiwan launches the Taiwan Virtual Asset Service Provider Association with 24 AML-compliant firms, chaired by Titan Cheng (BitoPro) and vice-chaired by Winston Hsiao (XREX).
Focus: creating self-regulatory guidelines for industry growth and consumer protection.
#TaiwanCrypto #cryptonews #news #TrendingTopic
Focus: creating self-regulatory guidelines for industry growth and consumer protection.
#TaiwanCrypto #cryptonews #news #TrendingTopic