Taiwan to Impose Restrictions on Unregistered Overseas Crypto Exchanges as Financial Supervisory Commission Implements New Guidelines
Summary:
Taiwan plans to impose restrictions on unregistered overseas crypto exchanges within its jurisdiction. The Financial Supervisory Commission (FSC) has drafted guiding principles, including enhanced information disclosure and measures to prevent money laundering. The FSC will prohibit foreign VASPs from illegally soliciting business in Taiwan. Official announcement expected by end of September. FSC aims to become primary crypto regulator in Taiwan and implement policies for asset separation.
Taiwan is planning to impose restrictions on unregistered overseas cryptocurrency exchanges operating within its jurisdiction, according to reports. The country's Financial Supervisory Commission (FSC) has drafted ten guiding principles for the management of virtual currencies, which include enhancing information disclosure and setting standards for listing and delisting. The FSC also requires separate custody of customer and platform assets and insists on measures to prevent money laundering. Specifically, the FSC's tenth principle prohibits foreign virtual asset service providers (VASPs) from illegally soliciting business in Taiwan. The FSC will refer to international practices and make future amendments as needed. The official announcement is expected by the end of September. Earlier this year, the FSC announced that it would become Taiwan's primary crypto regulator and highlighted policies such as the separation of company assets and customer funds.
Published At
9/7/2023 1:10:32 PM
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