According to ABmedia, Taiwan's Financial Supervisory Commission (FSC) has developed a set of guiding principles to ensure client protection from the "existing" standpoint of money laundering prevention and supervision. Crypto asset providers will be allowed to issue tokens provided they fully disclose white papers for the assets. Under no circumstances will service providers be permitted …
According to ABmedia, Taiwan’s Financial Supervisory Commission (FSC) has developed a set of guiding principles to ensure client protection from the “existing” standpoint of money laundering prevention and supervision. Crypto asset providers will be allowed to issue tokens provided they fully disclose white papers for the assets. Under no circumstances will service providers be permitted to issue stable-coins. Crypto service providers will also be barred from advertising in the country unless they first register with the government. The FSC has also taken a hard line against derivative transactions, declaring them illegal and punishable by up to seven years in prison.
While not overtly stated, the European Union, which enacted its crypto rules law earlier this year, has undoubtedly influenced Taiwan’s crypto adoption. The Markets in Crypto Assets Act (MiCA) will take effect in the future years, but its passage has encouraged several governments to accept the digital asset market.
Following the EU, the U.K. passed the Financial Services and Markets Bill (FSMB) in June of this year. This opens the door to much greater investment in cryptocurrencies in the coming years, as small countries like Taiwan, which has less than a million crypto users, embrace the new form of currency.
Risk disclaimer:
Please note that this article does not offer any instructions or suggestions regarding investment decisions. It is important for you to conduct your own research or seek professional advice from a qualified professional before conducting an investment decision.
