Ojeniyi Rashidat - NiceAngel.

2023/09/07 12:47

Republic Of China Announcing Virtual Asset Guide

 Guidelines This Month:

Taiwan, also known as the Republic of China, is set to unveil virtual asset service provider (VASP) guidelines by the end of the month. The Taiwan Financial Supervisory Commission (FSC) is responsible for managing virtual currencies and developing ten guiding principles to effectively regulate crypto assets, prevent money laundering, and ensure compliance among crypto exchanges and firms. These principles cover various aspects, including the separation of platform and customer assets, transaction fairness, security measures, and compliance with anti-money laundering (AML) and counter-terrorism financing laws. The move towards crypto regulation comes amid a push for clarity and crypto-friendly regulations in Taiwan following increased crypto activity due to China's crackdown in 2021.

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