Taiwan plans to ban offshore crypto exchanges’ operations if not compliant, says official

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By BitcoinWiki News

Key Takeaways:

– Taiwan plans to restrict offshore crypto exchanges from operating onshore without proper compliance registration
– The Financial Supervisory Commission (FSC) has drafted ten guiding principles for virtual asset service providers (VASPs)
– The principles will include strengthening information disclosure and establishing review standards for virtual asset listing and delisting
– The FSC will prohibit illegal solicitation of business by foreign crypto firms
– Binance, the world’s largest crypto exchange, is seeking AML compliance registration in Taiwan
– Taiwan has required VASPs to comply with anti-money laundering laws since July 2021
– Binance has formed a local entity in Taiwan with registered capital of NT$30 million
– The Ministry of Economic Affairs is proposing to add a new business category to enable cryptocurrency-related companies to establish industry associations


Taiwan’s Financial Supervisory Commission (FSC) is planning to release ten guiding principles for virtual asset service providers (VASPs) to develop their own self-regulatory rules. These principles will include requirements for information disclosure, virtual asset listing and delisting standards, and the separation and custody of assets. One significant restriction is the prohibition of illegal solicitation of business by foreign crypto firms. If foreign VASPs do not register and comply with anti-money laundering regulations, they will not be allowed to solicit business within Taiwan or to domestic residents. Binance, the world’s largest crypto exchange, has applied for registration in Taiwan for anti-money laundering compliance. The FSC introduced anti-money laundering rules in July 2021, but the crypto industry remains largely unregulated in Taiwan. The Ministry of Economic Affairs has proposed adding a new business category to enable cryptocurrency-related companies to establish industry associations and develop self-regulatory guidelines.

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