Taiwan’s Financial Supervisory Commission (FSC) is taking steps to enhance safeguards for cryptocurrency investors through the introduction of new regulations. On September 26, the FSC released industry guidelines for virtual asset service providers (VASPs) operating in the country, outlining key regulatory points.
These guidelines include standard industry practices such as the separation of exchange treasury assets from customer assets and the establishment of mechanisms for reviewing the listing and delisting of virtual assets. The FSC also requires foreign VASPs to obtain necessary approvals from the regulator before offering their services in Taiwan, stating that “Overseas virtual asset platform operators are not allowed to provide business within the territory of the country unless they have been registered in accordance with the law.”
Furthermore, the FSC encourages VASPs to participate in self-regulation within the cryptocurrency industry. Relevant VASP associations are expected to develop self-regulatory norms based on the guidance provided by these principles.
The release of these guidelines coincides with major cryptocurrency exchanges in Taiwan announcing the formation of a joint self-regulatory association. On the same day, local exchanges such as Maicoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito established the Taiwan Virtual Asset Platform and Transaction Business Association with the aim of promoting industry standards and assisting regulators.
In addition to local exchanges, prominent global cryptocurrency trading platforms like Binance have been serving customers in Taiwan. Kraken exchange offers “full services to clients living in Taiwan,” while Bybit supports Visa and Mastercard payments in countries like Taiwan, according to their respective websites.
In August, it was reported that Binance had applied for registration in Taiwan under the Money Laundering Control Act and the FSC’s regulations. Bybit and Kraken did not immediately respond to requests for comment on their operations in Taiwan.
These developments come after local reports in September indicated that the FSC had drafted ten guiding principles for managing digital currencies in Taiwan, with plans to restrict unregistered cryptocurrency exchanges. The FSC took on the role of the primary regulator for cryptocurrencies in Taiwan in 2023.
By FCCT Editorial Team freeslots dinogame telegram营销
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