DeFI News by Thebittimes.Com

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...

Taiwan plans to restrict access to offshore crypto currency exchanges that are not registered with the local regulators. According to a Sept. 7 report by Taiwan’s semi-official Central News Agency, the country’s Financial Supervisory Commission recently drafted ten virtual asset service provider principles for local crypto regulation. Those principles are expected to be released by the end of September. The newly set requirements include review standards for listing and delisting, separate custody of platform and customer assets, and anti-money laundering (AML) procedures. Following the publication of the principles later this month, public institutions will formulate regulatory norms on their own. Those rules will not be final and will be amended to comply with international standards and react to research findings. You might also like: Binance seeks AML compliance in Taiwan The principles set forth by Taiwanese regulators for digital assets are: Digital asset...