Taiwan’s FSC today published its highly anticipated guidelines as it looks to step up oversight of the industry.
Financial Supervisory Commission today published its highly anticipated guidelines for crypto platforms as it looks to step up oversight of the industry.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
“Foreign virtual asset platform operators that have not registered under the company laws and have not declared compliance with anti-money laundering regulations to the FSC may not solicit business within Taiwan or target Taiwanese nationals,” the guidelines said.
The working group currently consists of nine firms, including major exchanges in Taiwan such as MaiCoin, BitoGroup and ACE. Winston Hsiao, XREX’s cofounder and Group CRO, serves as the working group convener, according to the statement. Wayne Huang, co-founder and Group CEO of Taipei-based crypto exchange XREX, told The Block that the FSC’s new guidelines could “give birth to a new industry, providing this new industry legitimacy, oversight, a solid path to grow, and an accelerated means to acquire public trust.”© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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