By submitting an application for registration in Taiwan, the top cryptocurrency exchange in the world by trading volume, Binance has made a big step toward compliance with the local Money Laundering Control Act and the Financial Supervisory Commission’s (FSC) regulations.
Binance is aggressively working to comply with Anti-Money Laundering (AML) laws, Taiwan’s Financial Supervisory Commission informed several local cryptocurrency service providers in an exclusive meeting on Tuesday. The FSC recognized Binance as a potential participant looking to join Taiwan’s developing cryptocurrency sector, according to the article, which cited Chen Peiyun, co-founder of Taiwan’s BitShine exchange.
Taiwan’s bitcoin market has always functioned under very lax regulatory conditions, but in July 2021, the FSC made a significant change by introducing AML standards. Virtual asset service providers (VASPs) were required by these regulations to abide by the nation’s anti-money laundering laws.
The FSC’s Growing Influence on Cryptocurrency Trade and Payments Regulations
The Financial Supervisory Commission (FSC) of Taiwan is aggressively developing comprehensive regulations regulating cryptocurrency trading and payments involving Virtual Asset Service Providers (VASPs), which was properly appointed as the lead regulator of the cryptocurrency business in March. The FSC’s dedication to ensuring the safe and secure operation of cryptocurrency-related operations is shown by this strategic endeavor.
By the end of September, the FSC intends to release these thorough VASP recommendations that have been painstakingly designed to promote moral behavior and legal compliance.
This milestone underscores Taiwan’s proactive commitment to bolstering its cryptocurrency ecosystem via a structured regulatory framework and represents a turning point in Binance’s growth plan. The FSC’s commitment to establishing precise rules is in line with a larger industry trend, in which regulators throughout the globe strive to find a balance between fostering innovation and preserving financial integrity in the fast-moving world of cryptocurrencies.