Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Hania by Hania
September 28, 2023
in Crypto Exchanges
Reading Time: 2 mins read
A A
0
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

Toggle
  • Crucial Regulatory Points
  • Promoting Self-Regulation
  • Local Exchanges Join Forces
  • Global Players in Taiwan

In a significant move to safeguard cryptocurrency investors, Taiwan’s Financial Supervisory Commission (FSC) has unveiled a set of comprehensive guidelines for virtual asset service providers (VASPs) operating within the nation. The new rules, designed to enhance investor protection and market integrity, come into effect immediately.

Crucial Regulatory Points

The FSC’s guidelines encompass critical regulatory points aimed at ensuring the security and transparency of the cryptocurrency market. Among these are measures such as segregating exchange treasury assets from customer assets, and establishing rigorous mechanisms for listing and delisting virtual assets.

A particularly noteworthy mandate is the FSC’s insistence that foreign VASPs must refrain from offering their services in Taiwan unless they have obtained the necessary approvals from the regulator. In explicit terms, the FSC states, “Overseas virtual asset platform operators are not allowed to provide business within the territory of the country unless they have been registered in accordance with the law.”

The FSC is sending a clear message that it will not tolerate unregistered foreign crypto exchanges operating within its jurisdiction. This move is part of Taiwan’s broader efforts to regulate and oversee the cryptocurrency market effectively.

You May AlsoLike

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

February 28, 2025
Bitget Introduces BitEXC

Bitget Introduces BitEXC: A Customized Crypto Platform for Vietnam

December 3, 2024

Promoting Self-Regulation

In addition to these regulatory guidelines, the FSC encourages VASPs to promote self-regulation within the cryptocurrency industry. It expects relevant VASP associations to formulate self-regulatory norms based on the guiding principles outlined by the authority.

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Local Exchanges Join Forces

The FSC’s announcement coincides with local cryptocurrency exchanges taking matters into their own hands by establishing a joint self-regulatory association. On September 26, several prominent local exchanges, including Maicoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito, officially founded the Taiwan Virtual Asset Platform and Transaction Business Association. Their goal is to collaborate with regulators and foster industry growth while ensuring adherence to robust regulatory standards.

Global Players in Taiwan

Notably, this regulatory development impacts not only local exchanges but also major global crypto trading firms. Industry giants like Binance have been serving customers in Taiwan. Kraken, another prominent exchange, offers “full services to clients living in Taiwan.” Bybit, which supports Visa and Mastercard payments in countries like Taiwan, is also part of the cryptocurrency landscape in the region.

In August, Binance reportedly applied for registration in Taiwan under the Money Laundering Control Act and the FSC’s supervision. Kraken and Bybit have not yet responded to inquiries regarding this latest development.

This regulatory framework follows reports from earlier this month that the FSC had drafted ten guiding principles for managing digital currencies in the country, indicating its intention to clamp down on unregistered crypto exchanges. The FSC’s expanded role as the primary regulator of cryptocurrencies in Taiwan, effective from 2023, reinforces its commitment to fostering a secure and well-regulated cryptocurrency environment.

Tags: crypto exchangecrypto newscrypto regulations
Share76Tweet47
ADVERTISEMENT
Previous Post

Crypto Scammers And Hackers Swipe $889 Million In Q3 2023

Next Post

Brazil’s Central Bank To Enforce Stricter Crypto Laws

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement
Crypto Exchanges

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

February 28, 2025
Bitget Introduces BitEXC
Crypto Exchanges

Bitget Introduces BitEXC: A Customized Crypto Platform for Vietnam

December 3, 2024
Coinbase high listing fee
Crypto Exchanges

Coinbase Face Scrutiny Over High Listing Costs, Sparking Shift Towards Decentralized Platforms

November 5, 2024
Bitfinex to Receive 120K BTC for 2016 Hack
Crypto Exchanges

Bitfinex to Receive 120K BTC for 2016 Hack: A Major Recovery Update

October 9, 2024
Crypto.com Takes Legal Action Against SEC Following Wells Notice
Crypto Exchanges

Crypto.com Takes Legal Action Against SEC Following Wells Notice

October 8, 2024
Coinbase Clears Up Confusion Over Kamala Harris’ Crypto Donations
Crypto Exchanges

Coinbase Clears Up Confusion Over Kamala Harris’ Crypto Donations

September 10, 2024
Next Post
Brazil’s Central Bank To Enforce Stricter Crypto Laws

Brazil's Central Bank To Enforce Stricter Crypto Laws

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    241 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    199 shares
    Share 80 Tweet 50
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    197 shares
    Share 79 Tweet 49
  • Dogecoin Price Forecast: When Will the Much-Awaited DOGE Bull Run Begin?

    194 shares
    Share 78 Tweet 49
  • Sparklo (SPRK): Redefining The Alternative Investment Industry

    204 shares
    Share 82 Tweet 51
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.