Taiwan has recently tightened restrictions on offshore cryptocurrency exchanges operating within the country. To further clarify its position, this article will provide you with a detailed analysis of this new trend.
1. Registration is necessary: No operation is allowed without registration
According to reports from Taiwanās Central News Agency, Taiwanās Financial Supervisory Commission (FSC) has formulated new guidelines. This means that offshore exchanges will face restrictions if they fail to complete the necessary registrations.
2. Focus of new rules: strengthening transparency and asset management
The ten guiding principles drafted by the FSC not only strengthen the transparency of information, but also clarify the listing and delisting standards of virtual assets. Furthermore, they emphasized that companies should ensure separate management of client assets.
3. Foreign VASPs: must comply with Taiwanese regulations
FSC has made it clear that it will strictly prohibit unregistered overseas companies from doing business in Taiwan. This means that foreign virtual asset service providers (VASPs) must comply with Taiwanās corporate laws and anti-money laundering regulations.
4. Taiwanās financial regulatory structure: important components
It is worth noting that Taiwan has two major financial regulatory agencies: the Central Bank of the Republic of China and the FSC. Among them, the central bank is mainly responsible for monetary policy and foreign exchange regulations, while the FSC leads banking supervision, securities, futures, and anti-money laundering matters. However, NFT (non-fungible tokens) are currently not within the scope of FSC supervision.
5. Binanceās layout in Taiwan
Interestingly, Binance, a world-renowned cryptocurrency exchange, recently registered in Taiwan. Its Taiwan branch is named "Binance International Co., Ltd. Taiwan Branch (Seychelles)" and has been registered in May 2023. Permit was obtained on March 12, with the registered capital reaching NT$30 million. In addition, Binance has also cooperated with the Taiwan Criminal Police Department to provide assistance in handling digital asset-related crimes.
6. Blockchain trends among Taiwanese telecom operators
In addition, Taiwanās telecommunications giant, Taiwan Mobile, is actively negotiating cooperation opportunities with local encryption platforms and considering investment. Among them, XREX, a blockchain financial company headquartered in Taiwan, is its potential partner.
To sum up, Taiwanās supervision of cryptocurrency exchanges has gradually become clearer, and clear guidance has been given in regulations. This trend not only ensures the safety of transactions, but also provides investors with greater protection.
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