An industry association has been formed in Taiwan by a total of nine cryptocurrency exchange platforms. The goal is to provide assistance to the appropriate authorities as they develop legislation that benefits both the industry and the area. The change occurs before the Financial Supervisory Commission, or FSC, is expected to release the rules for trading and payments through VASPs, or Virtual Asset Service Providers.
The community has been informed via a unified statement from all cryptocurrency exchanges that they are thinking about submitting an application to start the organisation in the middle of October. All platforms will work together to help the authorities speed up the process. BitoGroup, MaiCoin, and ACE are a few of the exchange networks that belong to the group.
To develop self-supervisional regulations based on the FSC’s principles is another goal of forming an association of all Taiwanese cryptocurrency ventures. Although there is no information on adding other cryptocurrency businesses in the future, it is still assumed that the association will be pleased to add any other platform that plans to do compliant business in the area.
They will need to meet a number of regulations, one of which is related to anti-money laundering. Taiwan has previously requested that currently operating businesses abide by the AML principles and regulations. The laws were created by the FSC and put into effect in July 2021. It is crucial for a crypto enterprise to abide by AML standards because failing to do so will have a significant negative influence on the industry, with all participants losing their regulatory protections. In other words, the industry in Taiwan will continue to operate unchecked.
The XREX representative Wayne Huang has expressed confidence in the FSC’s approach. According to the chief executive officer of the Group, it will create a new industry while giving it the necessary legitimacy and monitoring. Wayne thinks that the advancements will also give the sector a faster way to win the public’s trust.
The Taiwanese regulatory body intends to limit future operations of offshore crypto exchange platforms lacking a valid compliance registration. The update has been confirmed by a government representative to the media.
Simply put, every offshore cryptocurrency project that wishes to enter Taiwan and conduct business there must obtain compliance registration. Without that, their operations would not be in compliance with applicable regulations.
Taiwan has released regulations to regulate the activities and registrations of offshore cryptocurrency businesses in light of recent developments. It addresses all VASPs and aims to make sure they adhere to the rules. In a statement to the media, the FSC stated that domestic cryptocurrency initiatives must assure the custody and separation of the company’s and its clients’ assets.