{"id":4225,"date":"2023-09-27T15:58:10","date_gmt":"2023-09-27T15:58:10","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=4225"},"modified":"2023-09-27T15:58:10","modified_gmt":"2023-09-27T15:58:10","slug":"taiwan-releases-guidelines-for-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/taiwan-releases-guidelines-for-crypto-exchanges\/","title":{"rendered":"Taiwan Releases Guidelines for Crypto Exchanges"},"content":{"rendered":"

Taiwan releases guidelines for crypto exchanges! Taiwan’s<\/strong> financial watchdog announced a set of guidelines for virtual asset service providers (VASPs)<\/strong> focusing on customer protection today.<\/p>\n

The Financial Supervisory Commission stated that, according to the new guidelines, domestic crypto platform companies must ensure the safekeeping of assets for both their companies and clients. It also added that they need to establish standards for the listing<\/strong> and delisting<\/strong> of cryptocurrencies and enhance information disclosure.<\/p>\n

The guidelines also stated that offshore<\/strong> exchanges wishing to operate in Taiwan<\/strong> must register with the FSC<\/strong>.<\/p>\n

The guide says, “Foreign virtual asset platform operators who are not registers according to corporate laws and do not declare compliance with anti-money laundering regulations to the FSC<\/strong>, cannot apply for business or target citizens in Taiwan<\/strong>.”<\/p>\n

The FSC<\/strong> also specified that crypto exchanges are \u201cnot allowed to engage in transactions involving derivative financial products with businesses possessing virtual asset characteristics as their underlying asset.\u201d<\/p>\n

Previously, Taiwan had mandated VASPs to comply with anti-money laundering<\/strong> laws since the FSC<\/strong> implemented anti-money laundering rules in 2021.<\/p>\n

\n

You might like: BIS Advocates for Legalization of CBDCs!<\/strong><\/a><\/p><\/blockquote>\n

\n

Regulations<\/h1>\n

After the guidelines are officially publish by the FSC, crypto exchanges in Taiwan are expecting to form an industry association and establish self-regulatory rules based on the guidelines.<\/p>\n

The nine crypto exchanges currently located in Taiwan are preparing to establish an association<\/strong> in October<\/strong>. The exchanges decided to set up a working group to prepare for the association application.<\/p>\n

Among them, Wayne Huang<\/strong>, the founding partner and Group CEO of Taipei-based crypto exchange XREX<\/strong>, stated;<\/p>\n

He said that the FSC\u2019s new rules could “give birth to a new industry by providing a solid path for legitimacy<\/strong>, supervision<\/strong>, growth<\/strong> for a new sector.”<\/p>\n

\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Taiwan releases guidelines for crypto exchanges! Taiwan’s financial watchdog announced a set of guidelines for virtual asset service providers (VASPs) focusing on customer protection today. The Financial Supervisory Commission stated that, according to the new guidelines, domestic crypto platform companies must ensure the safekeeping of assets for both their companies and clients. It also added<\/p>\n","protected":false},"author":2,"featured_media":4228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1561,1559,1563,1560,1214,1562],"class_list":["post-4225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-exchange","tag-fsc","tag-offshore","tag-taiwan","tag-vasp","tag-xrex"],"yoast_head":"\nTaiwan Releases Guidelines for Crypto Exchanges - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Taiwan releases guidelines for crypto exchanges! 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