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Taiwan’s Financial Regulator to Enforce Crypto Exchange Registration by Late November
Taiwan’s Financial Supervisory Commission (FSC) is gearing up to implement a registration system for crypto exchanges starting November 30. This move signifies increased regulatory scrutiny in the rapidly growing cryptocurrency sector.
During a recent session with the Legislative Yuan’s Finance Committee, FSC Chairman Peng Chin-long revealed that 26 exchanges have already secured compliance declarations under anti-money laundering (AML) laws. An additional 20 to 30 applications are currently under review.
Enhanced Inspections and Compliance Checks
The FSC plans to intensify inspections of crypto exchanges. Six firms are scheduled for checks in November and December, following last year’s inspections of four larger operators that uncovered significant compliance deficiencies. These included lapses in identity verification processes and transaction monitoring systems.
Developing a Special Law for Crypto Exchange Management
In parallel, the FSC is crafting a “Special Law for Crypto Exchange Management,” with public hearings expected in early 2025. This law aims to establish clear regulations concerning licensing, consumer protection, and operational standards for exchanges.
The FSC’s cautious approach underscores the challenges Taiwan faces in balancing the dynamic digital asset landscape with the need for robust consumer protections and regulatory compliance. Earlier in October, the regulator proposed new AML regulations for crypto exchanges. These regulations require providers to submit annual risk assessment reports and implement internal control and audit systems.
“Taiwan’s regulatory framework aims to ensure a secure and transparent environment for cryptocurrency trading, reflecting the global trend towards stringent oversight in the digital asset space.”
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