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Taiwan Crypto Watchdog to Issue 10 Guiding Principles for Virtual Assets in September: Report
The guidance will be focused on ensuring crypto businesses establish review mechanisms and comply with anti-money laundering laws.
Sep 8, 2023, 11:32 a.m.
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Taiwan's Financial Supervisory Commission for Virtual Currency Management is set to issue 10 guiding principles for virtual asset providers in September, CNA reported on Thursday citing local officials.
The East Asian country will set guidelines to ensure that crypto businesses establish review mechanisms, keep customers payments separate from their own tokens and comply with anti-money laundering laws (AML). It also plans to set out that unregistered overseas firms should not solicit business in the country.
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In March, Taiwan announced plans to follow other countries around the world and create bespoke legislation for the crypto sector. It also stated that the nation's supervision commission would be in charge of the crypto regime.
The country declared that virtual asset service providers must comply with local AML regulations in 2018 and in 2021 it issued rules in line with guidance from the global Financial Action Task Force (FATF). Last year the country registered 24 crypto platforms.
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Commodity Futures Trading Commission Chairman Mike Selig fired a legal warning shot defending his agency's jurisdiction over the event contract space.
What to know:
- U.S. Commodity Futures Trading Commission Chairman Mike Selig directed his agency to file an amicus brief declaring his federal agency has authority over the U.S. prediction markets.
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