Taiwan's Crypto Regulatory Body Set to Unveil 10 Guiding Principles for Virtual Assets in September: Report

Taiwan's Financial Supervisory Commission for Virtual Currency Management is gearing up to release a comprehensive set of 10 guiding principles tailored for virtual asset providers. According to reports from CNA, this guidance, anticipated in September, will place a strong emphasis on ensuring that crypto enterprises implement robust review mechanisms and strictly adhere to anti-money laundering (AML) laws. Furthermore, the guidelines will underscore the importance of maintaining a clear demarcation between customer payments and the platform's native tokens. Additionally, the regulatory framework will explicitly state that unregistered foreign entities are prohibited from seeking business operations within the country.

In a move echoing similar initiatives across the globe, Taiwan revealed its intentions in March to craft specialized legislation specifically for the crypto industry. It also highlighted that the nation's supervisory commission would assume responsibility for overseeing the crypto sector.

Back in 2018, Taiwan mandated that virtual asset service providers must align with local AML regulations. Subsequently, in 2021, the country introduced a set of rules in accordance with guidance from the global Financial Action Task Force (FATF). Over the course of the last year, Taiwan saw the registration of 24 crypto platforms.