Taiwan is set to formalize guidelines for cryptocurrency platforms and trading businesses, with regulators expected to issue comprehensive rules by the end of this month. Representatives from major crypto players, Binance and Bitfinex, have actively engaged in discussions with Taiwanese lawmakers, contributing insights on money laundering prevention and control measures.
According to an exclusive report, on September 7th, DPP legislator Guo Guowen orchestrated a public hearing on “Virtual Asset Supervision.” The event brought together prominent figures from the Taiwanese cryptocurrency industry to deliberate on the forthcoming “Financial Regulatory Commission Guiding Principles,” scheduled for release later this month.
Key participants included representatives from globally recognized exchanges, namely “Binance” and “Bitfinex,” along with stakeholders such as Taiwan Exchange, Financial Supervisory Commission officials, and academics.
Various crucial topics were discussed during the public hearing on “Virtual Asset Supervision” held in Taiwan. These included questions about how the Financial Supervisory Commission plans to assist Taiwanese businesses in complying with regulatory frameworks and the potential establishment of a dedicated “Fintech Bureau” for more effective oversight.
The consideration of hierarchical management to address the substantial legal compliance costs faced by smaller enterprises, the need for special legislation to govern virtual assets effectively, and whether Taiwan is open to embracing leveraged derivatives trading within the cryptocurrency sector.
Input from International Crypto Giants
Importantly, international crypto exchange giants Binance and Bitfinex actively participated in the public hearing. Binance representatives went a step further by offering insights into their experiences with anti-money laundering measures and regulatory models adopted in other countries.
Just days prior, the Financial Supervisory Commission revealed that Binance had submitted an anti-money laundering statement, signaling its intent to establish a presence in Taiwan.
Addressing a critical question, both Binance and Bitfinex are, in fact, registered companies in Taiwan. Binance operates under the banner of “Binance International Limited Taiwan Branch (SEYCHELLES),” while Bitfinex is a long-standing registered company.
Notably, the latter, under the name “British Virgin Islands Merchant Affinis Co., Ltd.,” was registered in Taiwan back in 2015. However, neither exchange currently appears on the list of entities providing anti-money laundering statements, raising questions about their future compliance with Taiwan’s evolving regulatory landscape.