Taiwan to Issue Guidelines for Virtual Asset Providers: Ensuring Customer Protection and Compliance
Get the latest updates on Taiwan's forthcoming guidelines for virtual asset providers, aimed at customer protection and compliance. Stay informed with the latest developments in the crypto sector.
Posted 10 months ago in Blockchain
Taiwan's Financial Supervisory Commission for Virtual Currency Management is set to issue 10 guiding principles for virtual asset providers in September, aimed at ensuring customer protection and compliance.
The East Asian country plans to establish review mechanisms for crypto businesses, requiring them to keep customers' payments separate from their own tokens. Additionally, adherence to anti-money laundering laws (AML) will be mandatory.
Moreover, Taiwan intends to address the issue of unregistered overseas firms soliciting business within its borders. The country is determined to protect its citizens by preventing such entities from engaging in crypto-related activities without proper registration.
In March 2023, Taiwan announced its intention to create dedicated legislation for the crypto sector, following the footsteps of other countries. The nation's supervision commission will oversee the implementation of these regulations.
Taiwan has already taken steps to combat money laundering in the crypto space. It mandated virtual asset service providers to comply with local AML regulations in 2018 and issued rules aligned with the guidance from the global Financial Action Task Force (FATF) in 2021.
In 2020, the country saw 24 crypto platforms registered, indicating the growing interest in the sector.
Last updated 9/9/2023, 5:11:54 PM
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