Taiwan Bans Unregistered Foreign Crypto Exchanges
Taiwan’s Financial Supervisory Commission (FSC) has introduced new rules to enhance cryptocurrency investor protections, releasing industry guidelines for virtual asset service providers (VASP) operating in the country on September 26.
The Taiwan Securities and Exchange Commission (FSC) has issued guidelines for the cryptocurrency industry, requiring foreign virtual asset service providers (VASPs) to avoid providing services in Taiwan without regulatory approval. The guidelines come in response to major Taiwanese crypto exchanges forming a joint self-regulatory association, the Taiwan VASP Association. The association aims to promote the industry and assist regulators, while also ensuring that VASPs formulate self-regulatory norms based on the guiding principles. The FSC’s guidelines are expected to help regulate the cryptocurrency industry.
(With inputs from Shikha Singh)
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