Taiwan Regulator Unveils New Guidelines to Enhance Regulation of Crypto Exchanges
In a bid to strengthen the regulatory framework surrounding cryptocurrency exchanges in Taiwan, the Financial Supervisory Commission (FSC) has released new guidelines for virtual asset service providers (VASPs).
These guidelines, which were published by the FSC on Tuesday, September 26, 2023, aim to streamline the crypto exchange space in the country and promote the protection of customer funds and interests.
Foreign Exchanges Must Register Before Offering Services
According to the newly released guidelines, cryptocurrency platforms are required to integrate and publicly disclose mechanisms for listing and delisting assets, as well as ensure the segregation of customer funds from exchange assets. Additionally, these platforms must have a robust security management system in place.
The FSC also emphasizes the importance of information disclosures, with a focus on internal audits and other necessary procedures. Furthermore, the guidelines stipulate that any offshore crypto exchange seeking to offer products and services to Taiwanese customers must register with the FSC in accordance with the Company Law and comply with anti-money laundering prevention laws.
To promote self-discipline within the industry, VASPs will be allowed to form or join self-regulatory standards organizations. These associations will establish the standards and norms that crypto platforms must adhere to in order to enhance customer protection.
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