Taiwan’s Financial Supervisory Commission (FSC) is moving to improve protections for cryptocurrency investors by introducing new rules.
The FSC has formulated the key points of regulating the cryptocurrency market in Taiwan, releasing on Sept. 26 a set of industry guidelines for virtual asset service providers (VASP) operating in the country.
In the guidelines, the authority mentioned some common industry-wide rules like separating exchange’s treasury assets from customer assets as well as reviewing mechanisms for listing and delisting virtual assets.
The FSC also required foreign VASPs to refrain from providing its services in Taiwan without holding necessary approvals from the regulator. The FSC stated:
“Overseas virtual asset platform operators are not allowed to provide business within the territory of the country […] unless they have been registered in accordance with the law.”
The authority also said that VASPs are invited to promote self-regulation in the cryptocurrency…