1. BITBILIHome
  2. Article

Taiwan takes aim at offshore crypto exchanges with new regulatory guidelines

• 110 views

TL;DR Breakdown

  • Taiwan’s Financial Supervisory Commission (FSC) is finalizing a set of guidelines aimed at regulating offshore cryptocurrency exchanges, with the draft expected to be released by the end of the month. The move aims to enhance transparency and investor protection in the crypto trading process.
  • Offshore exchanges, including industry giant Binance, will need to comply with these new regulations, particularly anti-money laundering (AML) requirements, to continue operating in Taiwan. Non-compliance will result in a ban from the Taiwanese market.

Description

Taiwan’s Financial Supervisory Commission (FSC) is set to release a comprehensive set of guiding principles aimed at regulating offshore cryptocurrency exchanges operating within its jurisdiction. The draft, expected to be finalized by the end of the month, marks a significant shift in Taiwan’s approach to cryptocurrency regulation. The FSC’s initiative comes after a public hearing … Read more

Taiwan’s Financial Supervisory Commission (FSC) is set to release a comprehensive set of guiding principles aimed at regulating offshore cryptocurrency exchanges operating within its jurisdiction. The draft, expected to be finalized by the end of the month, marks a significant shift in Taiwan’s approach to cryptocurrency regulation. The FSC’s initiative comes after a public hearing that included inputs from major exchanges like Binance on anti-money laundering (AML) measures.

The new guidelines are designed to bring clarity to the listing, delisting, and issuance of digital assets. They also aim to establish robust mechanisms for hot and cold wallet management among crypto entities. The overarching goal is to strengthen the fairness and transparency of the crypto trading process, thereby enhancing investor protection.

Offshore exchanges face compliance hurdles

The implications of these regulatory changes could be far-reaching for offshore exchanges and their users. Exchanges that fail to comply with the FSC’s requirements, including AML regulations, will be prohibited from operating in Taiwan. Binance, one of the world’s largest crypto exchanges, has already initiated steps to comply with these new regulations by applying for AML compliance registration.

The FSC’s draft guidelines could serve as a blueprint for other nations grappling with the challenges of regulating the rapidly evolving crypto sector. Taiwan’s move to tighten regulations around offshore crypto exchanges is seen as a proactive measure to mitigate risks associated with money laundering, fraud, and other illicit activities often associated with the crypto industry.

A global ripple effect?

Taiwan’s regulatory tightening comes at a time when the global crypto industry is under increased scrutiny. The FSC’s guidelines could potentially set a precedent for other countries looking to regulate offshore crypto exchanges. With the collapse of several crypto exchanges in the past year, the need for stringent regulations has never been more apparent. Taiwan’s proactive stance could serve as a catalyst for global regulatory alignment, contributing to a more secure and standardized crypto trading environment.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Taiwan takes aim at offshore crypto exchanges with new regulatory guidelines

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月8日 14:14
Next 2023年9月8日 16:05

Related articles

  • Hashdex enters the U.S. spot Bitcoin ETF arena with a novel approach

    TL;DR Breakdown Hashdex, a crypto asset management company, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a unique spot Bitcoin ETF that bypasses the commonly used Coinbase surveillance sharing agreement. Industry experts believe that Hashdex’s novel approach, which involves acquiring spot Bitcoin directly from the Chicago Mercantile Exchange, could alleviate the SEC’s concerns about market manipulation and liquidity. The SEC has not yet commented on Hashdex’s application but has indicated that feedback on spot Bitcoin ETFs will not be issued until next year, heightening market anticipation. Description Hashdex, a crypto asset management company, has thrown its hat into the ring for a spot Bitcoin exchange-traded fund (ETF) in the United States. The firm submitted an application to the U.S. Securities and Exchange Commission (SEC), outlining a unique strategy that diverges from the norm by eschewing the Coinbase surveillance sharing agreement. Hashdex distinctive … Read more Hashdex, a crypto asset management company, has thrown its hat into the ring for a spot Bitcoin exchange-traded fund (ETF) in the United States. The firm submitted an application to…

    Article 2023年8月27日

  • US prosecutors investigate misuse of Puerto Rico’s tax breaks

    TL;DR Breakdown US prosecutors have teamed up with the IRS to investigate traders guilty of misusing Puerto Rico’s tax breaks. The IRS is looking into fund managers and wealthy crypto traders. Description In recent developments, US prosecutors, in collaboration with the Internal Revenue Service (IRS), are reportedly conducting investigations into wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks. These tax breaks, introduced in 2012, have attracted over 5,000 American individuals to relocate to the island, enticed by the opportunity to … Read more In recent developments, US prosecutors, in collaboration with the Internal Revenue Service (IRS), are reportedly conducting investigations into wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks. These tax breaks, introduced in 2012, have attracted over 5,000 American individuals to relocate to the island, enticed by the opportunity to save on federal income tax. US prosecutors teamed up IRS for the investigation According to a Bloomberg report published on June 12, US prosecutors are actively pursuing civil and criminal cases against hedge fund managers,…

    Article 2023年7月14日

  • Chinese hackers are spying on U.S. infrastructure secrets

    TL;DR Breakdown Chinese hackers are reportedly conducting cyber espionage against U.S. critical infrastructure, including telecommunications and transportation hubs. The hacking group, dubbed ‘Volt Typhoon’, is developing capabilities to disrupt key communication infrastructures between the U.S. and Asia. China has denounced these allegations as a “collective disinformation campaign” by the Five Eyes intelligence-sharing countries. Under the veil of anonymity, a sophisticated cadre of Chinese cyber warriors has been accused of prying into a broad array of U.S. critical infrastructure organizations. These alleged espionage activities span across telecommunications, and transportation hubs, and even reach as far as the strategic American military bases located in the U.S. island territory of Guam, according to reports from Western intelligence agencies and Microsoft. Cyber espionage hits strategic nerve points These revelations emerge against a backdrop of routine electronic espionage between the two superpowers. However, this current wave of cyber-espionage is gaining notoriety as one of the largest known Chinese-sponsored incursions against American critical infrastructure. The alleged cyber assailants, operating under the moniker ‘Volt Typhoon’, are feared to be cultivating capabilities that could interrupt pivotal communications infrastructure…

    Article 2023年5月27日

  • Coinbase makes move to buy back junk bond

    TL;DR Breakdown Coinbase plans to repurchase up to $150 million of its 3.625% junk bonds maturing by 2031. The move comes as Bitcoin’s value approaches its 2023 peak. Investors can earn between $615-$645 per $1,000 principal in the buyback. Description In a bold financial move, Coinbase Global Inc., a leading force in the world of cryptocurrency, has signaled its intention to reclaim a chunk of its outstanding junk bonds. This maneuver comes as the cryptocurrency giant’s valuation teeters close to its annual zenith. A closer look at Coinbase’s offer Coinbase’s announcement indicated its willingness to … Read more In a bold financial move, Coinbase Global Inc., a leading force in the world of cryptocurrency, has signaled its intention to reclaim a chunk of its outstanding junk bonds. This maneuver comes as the cryptocurrency giant’s valuation teeters close to its annual zenith. A closer look at Coinbase’s offer Coinbase’s announcement indicated its willingness to repurchase up to $150 million of its 3.625% notes, which mature by October 2031. Those investors opting for the buyback stand to earn between $615 and $645…

    Article 2023年8月9日

  • Europe secretly braces for Biden’s election loss

    TL;DR Breakdown European Union officials are hastening policy initiatives with the U.S., apprehensive about a possible leadership change after the next Presidential election. The Biden administration has seen improved U.S.-EU relations, with unified stances on issues like the Covid-19 pandemic, climate change, and the conflict in Ukraine. As America gears up for the next Presidential election, which is still more than a year away, anticipation and apprehension are brewing in the political corridors of Europe. Speculation about a possible shift in U.S. leadership has triggered a sense of urgency among European Union officials. The key objective? To expedite as many shared policy initiatives as possible during President Joe Biden’s remaining tenure. Brussels, the heart of Europe, is quietly preparing for what might come after the upcoming U.S. Presidential election. The possibility of a leadership transition at the White House is propelling EU officials to get as much done as they can under the current administration, an EU official told CNBC, requesting anonymity given the sensitive nature of the situation. Biden’s influence on Europe-U.S. relations The election of President Biden in…

    Article 2023年5月23日
TOP