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Taiwan Crypto Association Engages with El Salvador for Stricter Cryptocurrency Regulations

CryptoTaiwan Crypto Association Engages with El Salvador for Stricter Cryptocurrency Regulations

The Taiwan Crypto Association has initiated discussions with authorities in El Salvador, including the Central Bank, the Virtual Assets Bureau, and the Presidential Palace, with the aim of advocating for stricter cryptocurrency regulations.

As reported by Wu Blockchain, Taiwanese regulators have engaged in dialogue with El Salvadoran authorities to propose the establishment of a new Virtual Assets Bureau to enhance supervisory capabilities. This collaborative effort intends to “normalize the industry, expand the scope of anti-money laundering measures, reduce illegal operators, and provide a path for those willing to comply with regulations to enter the industry officially,” as translated from the statement.

The proposal for a Virtual Assets Bureau was put forth during a public hearing led by Taiwanese legislator Kuo Kuo-wen on September 7. Representatives from cryptocurrency exchanges Binance and Bitfinex were present at the meeting.

Taiwan’s Financial Supervisory Commission (FSC), the country’s financial regulator, noted that the existing regulatory framework for cryptocurrencies excludes stablecoin issuance due to concerns related to legal currency supply issues.

According to a report by CNA, Taiwan is set to introduce its virtual asset service provider (VASP) guidelines by the end of September. These guidelines will involve regulatory oversight of digital assets, the creation of frameworks to combat money laundering, and the enforcement of compliance among cryptocurrency businesses and exchanges.

Various perspectives were shared during the public meeting, emphasizing the importance of regulations as Taiwan’s cryptocurrency landscape continues to evolve. Representatives from different departments highlighted the need to detect fraud and emphasized the role of legalizing supervision to combat common crimes, including fraud and money laundering.

Industry experts also called for the adoption of special laws and increased employee training to ensure transparency and market fairness within the cryptocurrency sector.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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