Taiwan’s Financial Regulatory Authority Sets Attractive Rules Regarding Cryptocurrencies!

Taiwan’s regulatory body, the Financial Supervisory Commission (FSC), has announced a set of comprehensive guidelines aimed at improving consumer protection in the virtual asset services provider (VASP) cryptocurrency industry.

Taiwan Introduces Comprehensive Guidelines for Cryptocurrency Exchanges

According to the FSC’s statement, local cryptocurrency exchanges are now obliged to take robust measures to ensure the safe separation and storage of both company and customer assets.

In addition, they need to establish strict criteria for listing and delisting of virtual assets, as well as strengthen the transparency of information sharing.

Most importantly, the new guidelines set out specific requirements for offshore exchanges that wish to operate in Taiwan. Such exchanges must register with the FSC.

Since July 2021, Taiwan has required VASPs to comply with anti-money laundering regulations, underscoring the country’s commitment to maintaining a robust and secure crypto ecosystem.

In response to the publication of the FSC’s guidelines, crypto platforms in Taiwan are expected to form an industry association and develop self-regulatory rules in line with the newly established guidelines.

There is currently a working group of nine crypto exchanges in Taiwan, including industry leaders such as MaiCoin, BitoGroup, and ACE.

*This is not investment advice.