Taiwan’s Financial Supervisory Commission (FSC) introduces fresh directives for Virtual Asset Service Providers (VASPs) to improve cryptocurrency users’ security. Guidelines demand a clear separation of company and customer assets, increased transparency, fortified internal controls within crypto firms, and adherence to robust anti-money laundering mechanisms. These regulations aim to encourage self-regulation in the crypto industry.
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Taiwan’s Firm Stance toward VASPs: Stricter Crypto Regulation versus Industry Growth Potential
Taiwan’s Financial Supervisory Commission (FSC) is implementing new regulations to improve safeguards for crypto investors. These regulations seek to control virtual asset service providers (VASPs) like Binance, Kraken, and ByBit, emphasizing asset safety, self-regulation, and legal operation in Taiwan. This overhaul coincides with local exchanges forming a regulatory body, and precedes FSC’s expected 2023 takeover as Taiwan’s primary crypto regulator.
Taiwan’s Crypto Exchanges Unite Under New Association Amid Regulatory Changes
“Major Taiwan crypto exchanges have initiated the Taiwan Virtual Asset Platform and Transaction Business Association in response to impending regulations. It provides industry direction, consensus building, and representation and also rallies diverse stakeholders in the volatile crypto market. This appears as a progress towards the industry’s maturity.”