Report: More Than 50 Virtual Currency Platform Operators Want to Join the Taiwan Market

About 52 virtual currency operators person shown involvement successful joining Taiwan’s fiscal market, the Financial Supervisory Commission has said. The committee besides said that it is readying to denote the region’s archetypal virtual plus absorption guiding principles sometime successful September.

Virtual Asset-Specific Laws

Taiwan’s Financial Supervisory Commission (FSC) precocious revealed that immoderate 52 virtual currency operators person expressed involvement successful joining the Taiwanese fiscal market. According to the regulator, immoderate of these operators person processed the ineligible documents connected wealth laundering prevention portion others person yet to implicit this step.

As explained successful 1 section report, the FSC made these revelations during a nationalist proceeding conducted by a section legislator Guo Guow. In addition, the regulator besides revealed that it is readying to denote sometime successful September the archetypal virtual plus absorption guiding principles.

The study besides suggested that authorities successful the portion person nevertheless not ruled retired mounting up laws circumstantial to virtual assets. Yet, earlier specified laws are enacted, virtual assets volition reportedly beryllium regulated nether the Money Laundering Prevention Act. As per the report, operators that neglect to abide by the anti-money laundering laws look fines that scope betwixt $69,000 and $1.38 million.

However, the study said nether the existent guidelines, aggrieved virtual plus investors cannot lodge complaints against operators with the Financial Review Center. Nevertheless, the FSC said it volition inactive effort to support virtual plus users via different methods astatine its disposal. Some of these methods see asking operators to abstracted their assets from users’ funds.

Meanwhile, Huang Houming, lawman manager of the Securities and Futures Bureau, said aft the guiding principles are released aboriginal this month, operators volition beryllium encouraged to found associations and self-regulate.

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