Taiwan’s financial watchdog to expand oversight of crypto exchanges: report

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As a seasoned crypto investor with a knack for navigating the complexities of global regulatory landscapes, I find Taiwan’s proactive approach to crypto exchange regulation both reassuring and intriguing. Having experienced the turbulent waters of unregulated markets, I can attest to the importance of robust oversight in fostering trust and stability.

As a crypto investor, I’ve learned that come late November, Taiwan’s financial watchdog might be tightening the screws on our industry by implementing a registration system for cryptocurrency exchanges. This move signals a more vigilant approach towards the crypto sector.

The Financial Supervisory Commission in Taiwan is planning to launch a registration system for cryptocurrency exchanges on November 30th earlier than expected. This move signifies an important advancement in the regulatory monitoring of the rapidly growing cryptocurrency market, according to reports from the Taiwanese news agency Anue Juheng.

During a recent inquiry with the Legislative Yuan’s Finance Committee, FSC chairman Peng Chin-long disclosed that 26 exchanges have already obtained compliance declarations under anti-money laundering laws, with another 20 to 30 applications currently in process.

It’s expected that the Financial Security Commission (FSC) will strengthen its scrutiny over cryptocurrency exchanges, with six platforms scheduled for review in November and December. This comes after previous examinations of four larger operators from last year revealed significant compliance issues, such as weaknesses in identity checks and transaction monitoring.

As a crypto investor, I’m eagerly anticipating the development of the “Special Law for Crypto Exchange Management” by the FSC, scheduled for public hearings in early 2025. This legislation aims to bring clarity and transparency to licensing procedures, consumer protection, and operational standards for exchanges, ensuring a secure environment for all crypto enthusiasts like myself.

The FSC’s careful strategy demonstrates the complexities Taiwan encounters in managing the rapidly advancing digital asset sector, all while providing robust consumer protections and adhering to regulations. In early October, the regulatory body suggested fresh anti-money laundering guidelines for cryptocurrency exchanges, requiring service providers to submit annual risk assessments and implement internal control and auditing systems as per the revised guidelines.

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2024-10-30 13:18