Bitcoin exchange Binance intends to obtain registration in Taiwan in accordance with the Anti-Money Laundering Law. The Block writes about this, citing its own sources.
Regulation regarding AML remains the only regulatory document for Virtual Asset Service Providers (VASPs) on the island. In March, the authorities announced the adoption of comprehensive rules for the industry.
According to the publication, a representative of the Financial Supervision Commission (FSC) at a closed meeting with VASP informed those present about the plans of the largest crypto exchange.
Binance registered a company in Taiwan in May called Binance International Limited Taiwan Branch (Seychelles), according to the register of the Ministry of Commerce. The authorized capital of the enterprise is declared in the amount of 30 million Taiwan dollars (~$944,000). Among the activities are services in the areas of software, data processing, payments, venture capital investment and others.
The FSC declined to confirm Binance’s appeal and noted that offshore crypto platforms operating in Taiwan must comply with local AML rules. According to the representative of the department, the legal norms for the industry will be published by the end of September.
“FSC plans to require VASPs to keep their crypto assets separate from client funds and to have annual audits by accounting firms,” Kevin Cheng, director of the Taiwan Fintech Association, told The Block.
In his opinion, the norm will be difficult to implement, as auditors are hesitant to take on crypto-related clients. It’s not about some specific accounting, but rather a lack of understanding and knowledge of digital currencies, Cheng explained.
Recall that in 2022, the FSC banned the purchase of crypto assets using bank cards.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!