Taiwan's Financial Supervisory Commission for Virtual Currency Management is set to issue 10 guiding principles for virtual asset providers in September, reported on Thursday citing local officials.
The East Asian country will set guidelines to ensure that crypto businesses establish review mechanisms, keep customers payments separate from their own tokens and comply with anti-money laundering laws (AML). It also plans to set out that unregistered overseas firms should not solicit business in the country.
Recommended for you:
- A Self-Regulatory Organization Is the Best Way to Advance Crypto While Protecting the Public
- First Mover Americas: Bitcoin Still Stuck in Limbo
- Diana Biggs: Building Early-Stage Ventures in Web3
In March, Taiwan announced plans to follow other countries around the world and create bespoke legislation for the crypto sector. It also stated that the nation's supervision commission would be in charge of the crypto regime.
The country declared that virtual asset service providers must comply with local AML regulations in 2018 and in 2021 it issued rules in line with guidance from the global Financial Action Task Force (FATF). Last year the country registered 24 crypto platforms.
Edited by Oliver Knight.
