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 <p class="is-style-lead">Taiwan tightens crypto regulations with new FSC guidelines and the formation of an industry association by leading exchanges.</p> 
 <p>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.</p> 
 <p>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.</p> 
 <h2 class="wp-block-heading" id="fsc-s-guidelines-for-crypto-exchanges">FSC’s guidelines for crypto exchanges</h2> 
 <p>The FSC’s <a rel="dofollow" title="guidelines" href="https://thebittimes.com/tag/guidelines.html">guidelines</a> are extensive and focus on several key areas. First, they require domestic <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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.</p> 
 <p>Second, the <a rel="dofollow" title="guidelines" href="https://thebittimes.com/tag/guidelines.html">guidelines</a> mandate the establishment of review standards for the listing and delisting of virtual assets. This ensures that only legitimate and compliant tokens are traded on Taiwanese platforms.</p> 
 <p>Third, the guidelines call for strengthened information disclosure to improve transparency. This includes providing clear and accessible information about trading fees, withdrawal limits, and other operational aspects.</p> 
 <p>Moreover, offshore exchanges that wish to operate in Taiwan must register with the FSC and comply with the country’s anti-money laundering (AML) regulations. The guidelines are explicit that foreign virtual asset platforms that have not registered may not solicit business within Taiwan or target Taiwanese nationals.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Taiwan plans ban on unregistered offshore crypto exchanges 
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 <h2 class="wp-block-heading" id="industry-association-takes-shape">Industry association takes shape</h2> 
 <p>In response to the FSC’s <a rel="dofollow" title="guidelines" href="https://thebittimes.com/tag/guidelines.html">guidelines</a>, nine major <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges in Taiwan, including MaiCoin, BitoGroup, and ACE, have initiated the formation of an <a rel="dofollow" title="industry" href="https://thebittimes.com/tag/industry.html">industry</a> association. The working <a rel="dofollow" title="group" href="https://thebittimes.com/tag/group.html">group</a> is led by Winston Hsiao, XREX’s co-founder and Group CRO.</p> 
 <p>The association aims to submit its application by mid-October and is expected to draft self-supervisory rules based on the FSC’s guidelines.</p> 
 <p>Wayne Huang, co-founder and Group CEO of Taipei-based crypto exchange XREX, welcomed the FSC’s new guidelines. He stated that these could “give birth to a new industry, providing this new industry legitimacy, oversight, a solid path to grow, and an accelerated means to acquire public trust.”</p> 
 <p>The FSC’s guidelines and the formation of the industry association are seen as pivotal steps in Taiwan’s crypto regulatory landscape. They are expected to foster a more secure and transparent environment for both investors and service providers.</p> 
 <p>In August, Binance, the global leader in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading volume, submitted an application for registration in Taiwan. The exchange has been functioning in the country via its local subsidiary, Binance International Limited Taiwan Branch (Seychelles).</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Partnership between Binance and Taiwan law enforcement aims to combat cyber threats 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/taiwan-tightens-crypto-rules-with-new-guidelines-and-industry-group-tbt64049.html">https://thebittimes.com/taiwan-tightens-crypto-rules-with-new-guidelines-and-industry-group-tbt64049.html</a></p>

Taiwan tightens crypto rules with new guidelines and industry group

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