{"id":58677,"date":"2023-09-07T07:00:43","date_gmt":"2023-09-07T11:00:43","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=58677"},"modified":"2023-09-07T07:02:32","modified_gmt":"2023-09-07T11:02:32","slug":"taiwan-to-unveil-crypto-regulation-guidelines-by-month-end","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/taiwan-to-unveil-crypto-regulation-guidelines-by-month-end\/","title":{"rendered":"Taiwan to Unveil Crypto Regulation Guidelines by Month&#8217;s End"},"content":{"rendered":"\n<p>According to a local report, the <a href=\"https:\/\/coinscreed.com\/staging\/the-central-bank-governor-of-taiwan-suggests-no-interest-cbdc-design.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Republic of China (Taiwan) <\/a>is set to announce its official guidelines for regulating virtual asset service providers (VASPs) by the end of this month. The guidelines will cover key aspects such as anti-money laundering, asset custody, transaction transparency, and platform management.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"570\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Taiwan-cryptocurrency-Regulations-.jpg\" alt=\"Taiwan to Unveil Crypto Regulation Guidelines by Month's End\" class=\"wp-image-58679\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Taiwan-cryptocurrency-Regulations-.jpg 1000w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Taiwan-cryptocurrency-Regulations--300x171.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Taiwan-cryptocurrency-Regulations--768x438.jpg 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Taiwan-cryptocurrency-Regulations--750x428.jpg 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-fsc-to-supervise-crypto-industry-in-taiwan\">FSC to Supervise Crypto Industry in Taiwan<\/h3>\n\n\n\n<p>The <a href=\"https:\/\/coinscreed.com\/staging\/taiwan-fsc-to-become-primary-regulator-of-cryptocurrencies.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Financial Supervisory Commission (FSC)<\/a> of Taiwan will be the competent authority for overseeing the crypto industry in the island country, as decided by the government in March 2023. <\/p>\n\n\n\n<p>The FSC will issue the <em>\u201cGuiding Principles for the Management of Virtual Asset Platforms and Trading Businesses\u201d<\/em> before the end of September, based on the regulations in European Union nations, Singapore, and Japan.<\/p>\n\n\n\n<p>The FSC will require VASPs to comply with 10 guiding principles, which include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strengthening the management of virtual asset issuance, such as conducting due diligence on issuers and disclosing relevant information to investors.<\/li>\n\n\n\n<li>Establishing a review mechanism for listing and delisting of virtual assets, such as setting criteria and procedures for adding or removing assets from trading platforms.<\/li>\n\n\n\n<li>Oversight on separation of platform assets and customer assets, such as ensuring that VASPs keep their own funds and customers\u2019 funds in separate accounts and wallets.<\/li>\n\n\n\n<li>Ensuring transaction fairness and transparency, such as providing clear and accurate information on trading fees, order books, and market data.<\/li>\n\n\n\n<li>Strengthening contract formulation, advertising solicitation, and complaint handling, such as using standard contracts, disclosing risks and responsibilities, and setting up dispute resolution mechanisms.<\/li>\n\n\n\n<li>Establishing a system for continued operations, information security, and hot and cold wallet private keys, such as having backup plans, security measures, and key management policies.<\/li>\n\n\n\n<li>Implementing internal control and internal audit systems, such as having regular audits, risk assessments, and compliance reports.<\/li>\n\n\n\n<li>Declaring compliance with the anti-money laundering (AML) and counter-financing of terrorism (CFT) laws, such as verifying customers\u2019 identities, reporting suspicious transactions, and cooperating with authorities.<\/li>\n\n\n\n<li>Registering with the FSC and obtaining a license to operate as a VASP in Taiwan, such as submitting an application form, paying a fee, and meeting the qualification requirements.<\/li>\n\n\n\n<li>Abiding by other relevant laws and regulations that apply to VASPs in Taiwan, such as tax laws, consumer protection laws, and data privacy laws.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Taiwan\u2019s Crypto-Friendly Stance Amid China\u2019s Crackdown<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.cna.com.tw\/news\/afe\/202309070063.aspx\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The announcement<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> of the crypto regulation guidelines comes amid the complete ban on crypto trading and mining in mainland China, which has caused many crypto businesses and users to relocate or seek alternative markets. <\/p>\n\n\n\n<p>Taiwan has been <a href=\"https:\/\/freemanlaw.com\/cryptocurrency\/taiwan\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">relatively crypto-friendly <span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a>compared to its neighbor across the strait, as it recognizes crypto assets as legitimate commodities and allows them to be traded and held as investments.<\/p>\n\n\n\n<p>However, Taiwan has also been cautious in developing a legal framework for crypto assets, as it faces challenges such as cross-border transactions, cyberattacks, frauds, scams, and tax evasion. <\/p>\n\n\n\n<p>The FSC has previously stated that it does not intend to promote or restrict the development of crypto assets but rather to protect investors\u2019 rights and interests. <\/p>\n\n\n\n<p>The upcoming crypto regulation guidelines are expected to provide more clarity and certainty for the crypto industry in Taiwan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a local report, the Republic of China (Taiwan) is set to announce its official guidelines for regulating virtual asset service providers (VASPs) by the end of this month. The guidelines will cover key aspects such as anti-money laundering, asset custody, transaction transparency, and platform management. FSC to Supervise Crypto Industry in Taiwan The [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":58679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7819,1888,10799,9435],"class_list":["post-58677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-regulation-2","tag-fsc","tag-taiwan","tag-vasps-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Taiwan-cryptocurrency-Regulations-.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=58677"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/58679"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=58677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=58677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=58677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}