{"id":23722,"date":"2023-09-27T07:29:11","date_gmt":"2023-09-27T07:29:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/taiwans-financial-supervisory-commission-enhances-oversight-with-crypto-guidelines\/"},"modified":"2023-09-27T07:29:11","modified_gmt":"2023-09-27T07:29:11","slug":"taiwans-financial-supervisory-commission-enhances-oversight-with-crypto-guidelines","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/taiwans-financial-supervisory-commission-enhances-oversight-with-crypto-guidelines\/","title":{"rendered":"Taiwan’s Financial Supervisory Commission Enhances Oversight with Crypto Guidelines"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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By releasing a set of guiding principles, Taiwan\u2019s Financial Supervisory Commission (FSC) has taken efforts to strengthen its control over the cryptocurrency sector. This action is a part of an international trend that sees regulation being tightened in reaction to market volatility and worries over asset custody.<\/p>\n

Strengthening Customer Protection<\/strong><\/p>\n

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With the use of these guiding principles, the FSC,<\/a> which started monitoring the cryptocurrency industry in March, hopes to improve client safety. Promoting transparency, implementing safe asset custody procedures, and strengthening internal controls and management inside crypto companies are the main areas of attention.<\/p>\n

Key Guidelines<\/strong><\/p>\n

Under the new guidelines, crypto issuers are required to publish a white paper, providing greater transparency and clarity about their offerings. Exchange platforms must institute a review mechanism for the listing and delisting of virtual assets, ensuring a more robust and accountable process.<\/p>\n

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Additionally, the regulator mandates the separation of platform assets and customer assets, a crucial measure to safeguard user funds. Foreign firms looking to serve Taiwanese customers must register locally, adhering to the country\u2019s company and anti-money laundering laws.<\/p>\n

Global Regulatory Trends<\/strong><\/p>\n

The FSC\u2019s action fits with a larger global trend of strengthening cryptocurrency laws, particularly in the wake of the market turmoil in 2022. Following discoveries in the bankruptcy proceedings of the cryptocurrency exchange FTX that customer cash may have been mixed up with corporate assets, there is now greater scrutiny on how crypto companies manage and protect client assets.<\/p>\n

The FSC seeks to harmonize its framework with global norms by citing recent crypto rules from the European Union, Japan, and South Korea. By doing this, it aims to safeguard its citizens effectively while maintaining Taiwan as a safe and secure environment for bitcoin activity.<\/p>\n

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These regulatory efforts serve as a reminder of the rising significance of creating precise rules and standards inside the cryptocurrency sector, both to protect investors and to promote market credibility.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) By releasing a set of guiding principles, Taiwan\u2019s Financial Supervisory Commission (FSC) has taken efforts to strengthen its control over the cryptocurrency sector. This action is a part of an international trend that sees regulation being tightened in reaction to market volatility and worries over asset […]<\/p>\n","protected":false},"author":34,"featured_media":23723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23722"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23722"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23722\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23723"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}