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 Taiwan’s Financial Supervisory Commission (FSC) has released comprehensive guidelines for cryptocurrency platforms operating in the country in a move towards bolstering regulatory oversight of the crypto industry.&nbsp; 
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The guidelines, <a href="https://www.fsc.gov.tw/ch/home.jsp?id=96&amp;parentpath=0,2&amp;mcustomize=news_view.jsp&amp;dataserno=202309260005&amp;dtable=News" rel="noopener noreferrer nofollow">published </a>on September 26, 2023, underscore a commitment to protecting customer interests and fostering transparency within the crypto sector. Key aspects of these guidelines include a strong emphasis on safeguarding the assets of both companies and customers, the establishment of clear criteria for listing and delisting virtual assets, and enhanced disclosure of information. 
The FSC also laid out specific requirements for offshore exchanges wishing to operate within Taiwan. Such exchanges must register with the FSC and adhere to anti-money laundering regulations. Those failing to do so are barred from soliciting business within Taiwan or targeting Taiwanese nationals. 
Notably, the guidelines prohibit crypto platforms from engaging in operations related to derivative financial products with virtual assets as underlying assets or virtual asset activities bearing securities-like characteristics. This move is aimed at reducing risk and enhancing market stability. 
The release of these guidelines is a culmination of the Taiwanese government’s plan to regulate the country’s crypto market following the chaos generated by the <a style="color: #0000ff;" href="https://defi-planet.com/2022/12/what-happened-to-ftx-the-anatomy-of-an-implosion/" rel="noopener noreferrer nofollow">collapse of the FTX crypto empire</a> in November 2022. In March 2023, the FSC was <a href="https://defi-planet.com/2023/03/taiwan-taps-top-financial-regulator-to-lead-cryptocurrency-oversight-efforts/" rel="noopener noreferrer nofollow">reportedly </a>entrusted with the task of overseeing Taiwan’s crypto market and implementing regulatory measures. 
Meanwhile, with the official unveiling of these guidelines, the FSC anticipates that cryptocurrency platforms in Taiwan will establish an industry association and formulate self-regulatory rules based on the guidelines.&nbsp; 
<h2 id="span-style-font-weight-400-taiwan-s-leading-crypto-exchanges-form-association-to-advance-industry-interests-span">Taiwan’s Leading Crypto Exchanges Form Association to Advance Industry Interests</h2> 
Nine leading crypto exchanges in Taiwan, including MaiCoin, BitoGroup, ACE, BitstreetX, HOYA BIT, BITGIN, Rybit, XREX, and Shangbito, have already created a working group to prepare for the formation of such an association. They aim to apply for the recognition of the association by mid-October when the new guidelines have come into full effect.&nbsp; 
The association will represent a broad spectrum of crypto businesses, including P2P trading platforms, financial investment platforms, wallet hosting companies, and more. 
Wang Chenhuan, President of ACE Exchange, described the association as “a family and a beacon” guiding the crypto industry in Taiwan, fostering collaboration, and driving progress in a rapidly evolving sector. 
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The post <a href="https://defi-planet.com/2023/09/taiwans-fsc-unveils-comprehensive-guidelines-for-crypto-platforms/" rel="noopener noreferrer nofollow">Taiwan’s FSC Unveils Comprehensive Guidelines for Crypto Platforms</a> first appeared on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>. 
The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/09/taiwans-fsc-unveils-comprehensive-guidelines-for-crypto-platforms/">Taiwan’s FSC Unveils Comprehensive Guidelines for Crypto Platforms</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Taiwan’s FSC Unveils Comprehensive Guidelines for Crypto Platforms

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