Taiwan tightens crypto rules with new guidelines and industry group
Taiwan tightens crypto regulations with new FSC guidelines and the formation of an industry association by leading exchanges. On Sep. 26, Taiwan’s Financial Supervisory Commission (FSC) released a comprehensive set of guidelines for virtual asset services providers (VASPs), marking a major step in regulating the country’s burgeoning cryptocurrency market. Almost concurrently, nine leading crypto exchanges in Taiwan have formed a working group to establish an industry association. The latest move is a proactive step towards self-regulation and aligning with the FSC’s newly released guidelines. FSC’s guidelines for crypto exchanges The FSC’s guidelines are extensive and focus on several key areas. First, they require domestic crypto platforms to ensure the separation and custody of the companies’ and customers’ assets. This is aimed at enhancing the security and integrity of funds held on these platforms. Second, the guidelines mandate th...