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Taiwan's financial watchdog of Taiwan drafted 10 guiding principles for virtual asset service providers (VASPs) after a public hearing for the crypto industry.
The principles, compiled by the Financial Supervisory Commission (FSC), are slated to be released by the end of September.
The principles may include a proper compliance registration of offshore crypto exchanges to operate in Taiwan. The commission plans to ban offshore crypto exchanges if they fail to comply with its requests.
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Taiwan’s regulatory approach is in line with international standards inspired by regulatory frameworks in the European Union, Singapore, and Japan.
New Guidelines Highlights: Foreign VASPs will have to register and declare their compliance with anti-money laundering (AML) regulations (introduced in July 2021) to the FSC or else they will not be allowed to conduct business within Taiwan with domestic residents.
A government official as quoted first by The Block said that the principles are likely to include strengthening information disclosure, requiring businesses to establish review standards for virtual asset listing and delisting, and ensuring the separation and custody of companies’ and customers’ assets.
Last month, Binance (CRYPTO: BUSD) reportedly applied to get registered in Taiwan for AML compliance. While Binance is not regulated in Taiwan, the exchange has formed a local entity named, “Binance International Limited Taiwan Branch (Seychelles)”.
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