Taiwan has expressed concerns about its anticipated CBDC launch, indicating that users might need to wait longer. Despite the delay, Taiwan believes that a digital currency would be a game-changer in payments.
Taiwan’s central bank announced on Sunday that it doesn’t have a set “timetable” for launching a digital currency (CBDC). The bank has been developing a pilot program for a government-run digital currency over the past four years, aimed at allowing users to make electronic payments through digital wallets without needing a credit or debit card.
Taiwan Central Bank Delays Digital Currency Launch
On July 7, Reuters reported that Taiwan’s central bank has no specific schedule for launching a central bank digital currency (CBDC), describing the process as “huge and complex.” To address this, the bank plans to hold public hearings next year to educate the public about the initiative.
“The promotion of central bank digital currency is a huge and complex project that will need to be carried out for a long time,” the report quoted the central bank. “Given the currency’s launch will affect many people it is necessary to widely communicate about it, and public hearings and forums will happen next year to promote knowledge of the currency.”
While the development appears to indefinitely delay the CBDC plan, the central bank acknowledged that ongoing research and experimentation have shown digital currency can improve the processing efficiency and innovative applications of Taiwan’s payment system.
This announcement comes as central bank Governor Yang Chin-long is scheduled to answer lawmakers’ questions on the matter on Monday.

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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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’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.

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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.
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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

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.

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This article was republished from azcoinnews.com