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News

Taiwan’s Crypto Guidelines Officially Released To Promote Virtual Asset Investors

September 26, 2023 - Around 2 mins mins to read

Key Points:

  • Taiwan’s crypto guidelines unveil a platform for asset safety and transparency.
  • Rules include asset separation, whitepaper disclosure, and robust internal controls.
  • Nine local exchanges form a working group for a cryptocurrency industry association.
In a significant move to enhance the oversight and security of the cryptocurrency industry, the Taiwan Financial Supervisory Commission (FSC) has officially released the “Guiding Principles for the Management of Virtual Asset Platforms and Transaction Business Enterprises (VASP)” on September 26, as stated on the official website.
Taiwan's Crypto Guidelines Officially Launched to Promote Virtual Asset Investors

FSC Introduces Comprehensive Taiwan’s Crypto Guidelines

Under these newly unveiled Taiwan’s crypto guidelines, domestic cryptocurrency platforms are now required to implement several key measures to ensure the safety and transparency of their operations. These measures include the separation and secure custody of both company and customer assets, the establishment of rigorous review standards for virtual asset listings and delistings, and the reinforcement of information disclosure.

Moreover, platforms issuing virtual assets must now disclose comprehensive whitepapers on their websites, providing investors with crucial transparency. Additionally, to safeguard client assets, platforms are mandated to segregate legal currency and virtual assets received from clients from their own assets.

Local Exchanges Collaborate Toward Cryptocurrency Industry Association

Taiwan’s crypto guidelines also emphasize the implementation of customer protection regulations founded on principles such as fairness, reasonableness, equality, reciprocity, and integrity. To guarantee ongoing security and reliability, platforms will establish robust management systems for their day-to-day operations, information security, and the safeguarding of hot and cold wallet private keys.

In a related development, it has been reported that nine cryptocurrency exchanges in Taiwan have jointly formed a working group aimed at paving the way for the establishment of a cryptocurrency industry association, underscoring the sector’s commitment to self-regulation and collaboration.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

crypto

FSC

Taiwan

VASP

Virtual Asset

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Taiwan’s Crypto Guidelines Officially Released To Promote Virtual Asset Investors

Key Points:

  • Taiwan’s crypto guidelines unveil a platform for asset safety and transparency.
  • Rules include asset separation, whitepaper disclosure, and robust internal controls.
  • Nine local exchanges form a working group for a cryptocurrency industry association.
In a significant move to enhance the oversight and security of the cryptocurrency industry, the Taiwan Financial Supervisory Commission (FSC) has officially released the “Guiding Principles for the Management of Virtual Asset Platforms and Transaction Business Enterprises (VASP)” on September 26, as stated on the official website.
Taiwan's Crypto Guidelines Officially Launched to Promote Virtual Asset Investors

FSC Introduces Comprehensive Taiwan’s Crypto Guidelines

Under these newly unveiled Taiwan’s crypto guidelines, domestic cryptocurrency platforms are now required to implement several key measures to ensure the safety and transparency of their operations. These measures include the separation and secure custody of both company and customer assets, the establishment of rigorous review standards for virtual asset listings and delistings, and the reinforcement of information disclosure.

Moreover, platforms issuing virtual assets must now disclose comprehensive whitepapers on their websites, providing investors with crucial transparency. Additionally, to safeguard client assets, platforms are mandated to segregate legal currency and virtual assets received from clients from their own assets.

Local Exchanges Collaborate Toward Cryptocurrency Industry Association

Taiwan’s crypto guidelines also emphasize the implementation of customer protection regulations founded on principles such as fairness, reasonableness, equality, reciprocity, and integrity. To guarantee ongoing security and reliability, platforms will establish robust management systems for their day-to-day operations, information security, and the safeguarding of hot and cold wallet private keys.

In a related development, it has been reported that nine cryptocurrency exchanges in Taiwan have jointly formed a working group aimed at paving the way for the establishment of a cryptocurrency industry association, underscoring the sector’s commitment to self-regulation and collaboration.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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