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📢 Lee Seok-ran, head of the Financial Innovation Division of the Financial Services Commission, discussed the need for a disclosure system and the regulation of user deposits and withdrawals in the context of the Virtual Asset User Protection Act at a symposium. The commission is reviewing the disciplinary system for companies in the form of guidelines and working on regulations for under what circumstances deposits and withdrawals can be restricted through enforcement ordinances. 🏦🪙 #VirtualAsset #regulation #FSC 🌐💼
Breaking News : Taiwan set to regulate Cryptocurrency
The Financial Supervisory Commission (FSC) in #Taiwan is set to become the regulator for cryptocurrency with the introduction of special legislation. Huang Tien-mu, the head of the FSC, confirmed this during a hearing about global banking stability.
The industry is welcoming the news as it believes that regulation will help it to grow. Wayne Huang, CEO of XREX, said that the next step would be for the virtual asset service provider industry to work with the #FSC to define regulatory operations.
One of the first steps in this collaboration is to form an industry self-regulatory body to help develop a set of rules. However, the FSC won't be regulating non-fungible tokens (NFTs) as they are still emerging as an asset class, and it's too early to regulate them. Taiwan has two financial regulators, the Central #Bank and the FSC, with the latter having a broad remit over banking regulation, securities and futures, and anti-money laundering.
Taiwan has historically taken a hands-off approach to #cryptocurrency regulation, only regulating the asset class under the framework of controlling money laundering. However, the collapse of FTX, a popular cryptocurrency exchange, added a sense of urgency to Taiwan's regulatory push.
Authorities approved 24 crypto platforms under the island's AML compliance system last September. The introduction of the new legislation is expected to strike a balance between experimentation and investor protection.
An initial framework for the law is expected by June, with an initial draft for later this year.
The industry is welcoming the news as it believes that regulation will help it to grow. Wayne Huang, CEO of XREX, said that the next step would be for the virtual asset service provider industry to work with the #FSC to define regulatory operations.
One of the first steps in this collaboration is to form an industry self-regulatory body to help develop a set of rules. However, the FSC won't be regulating non-fungible tokens (NFTs) as they are still emerging as an asset class, and it's too early to regulate them. Taiwan has two financial regulators, the Central #Bank and the FSC, with the latter having a broad remit over banking regulation, securities and futures, and anti-money laundering.
Taiwan has historically taken a hands-off approach to #cryptocurrency regulation, only regulating the asset class under the framework of controlling money laundering. However, the collapse of FTX, a popular cryptocurrency exchange, added a sense of urgency to Taiwan's regulatory push.
Authorities approved 24 crypto platforms under the island's AML compliance system last September. The introduction of the new legislation is expected to strike a balance between experimentation and investor protection.
An initial framework for the law is expected by June, with an initial draft for later this year.
In recent reports, the Taiwan authorities have assigned FSC to take charge of framing crypto regulations to oversee crypto assets on the island.
#cryptocurrency #NFT #Regulation #Taiwan #FSC
https://blockchainreporter.net/taiwans-crypto-industry-welcomes-financial-regulator/
#cryptocurrency #NFT #Regulation #Taiwan #FSC
https://blockchainreporter.net/taiwans-crypto-industry-welcomes-financial-regulator/
#FSC TaiwanFSC Greenlights Foreign Crypto ETFs for Professional Investors #InvestmentAlert
Taiwan's Financial Supervisory Commission allows professional investors to access foreign crypto ETFs through local brokers.
Taiwan’s financial regulator, the Financial Supervisory Commission (FSC), made an official decision on September 30, allowing foreign cryptocurrency exchange-traded funds (ETFs) to be accessed by professional investors.
This move opens a new avenue for institutional and high-net-worth individuals, recognized based on their financial expertise, to invest in foreign crypto assets while remaining in compliance with strict regulatory guidelines.
Taiwan FSC Limits Crypto ETFs to Professionals
According to the FSC’s latest policy, foreign crypto ETFs are restricted exclusively to professional investors, which includes institutional investors, high-net-worth individuals, and those with recognized financial expertise. #Write&Earn
The FSC emphasized that local brokers and securities firms are required to conduct thorough assessments to ensure that their clients possess the necessary experience and knowledge before investing in these ETFs.
To enforce this policy, the FSC outlined that local brokers and securities firms must thoroughly assess their clients’ financial expertise before granting access to these crypto investment products.
The FSC also emphasized its ongoing commitment to monitoring the implementation of these policies to manage risks effectively.
Taiwan joins other financial hubs like Hong Kong and Singapore in recognizing the growing demand for digital asset investments, while maintaining a cautious stance due to risks such as market volatility, fraud, and money laundering.
Taiwan has long held strict regulations on digital assets, reflecting its concerns about market instability and financial crime.
In line with its regulatory approach, Taiwan has taken major steps to enforce Anti-Money Laundering (AML) measures, particularly targeting cryptocurrency exchanges.
Taiwan's Financial Supervisory Commission allows professional investors to access foreign crypto ETFs through local brokers.
Taiwan’s financial regulator, the Financial Supervisory Commission (FSC), made an official decision on September 30, allowing foreign cryptocurrency exchange-traded funds (ETFs) to be accessed by professional investors.
This move opens a new avenue for institutional and high-net-worth individuals, recognized based on their financial expertise, to invest in foreign crypto assets while remaining in compliance with strict regulatory guidelines.
Taiwan FSC Limits Crypto ETFs to Professionals
According to the FSC’s latest policy, foreign crypto ETFs are restricted exclusively to professional investors, which includes institutional investors, high-net-worth individuals, and those with recognized financial expertise. #Write&Earn
The FSC emphasized that local brokers and securities firms are required to conduct thorough assessments to ensure that their clients possess the necessary experience and knowledge before investing in these ETFs.
To enforce this policy, the FSC outlined that local brokers and securities firms must thoroughly assess their clients’ financial expertise before granting access to these crypto investment products.
The FSC also emphasized its ongoing commitment to monitoring the implementation of these policies to manage risks effectively.
Taiwan joins other financial hubs like Hong Kong and Singapore in recognizing the growing demand for digital asset investments, while maintaining a cautious stance due to risks such as market volatility, fraud, and money laundering.
Taiwan has long held strict regulations on digital assets, reflecting its concerns about market instability and financial crime.
In line with its regulatory approach, Taiwan has taken major steps to enforce Anti-Money Laundering (AML) measures, particularly targeting cryptocurrency exchanges.
South Korea Takes Bold Measures Against Crypto Crimes. 🇰🇷👮🏻♂️👨🏻⚖️
In response to the 2022 crypto industry crisis involving Terraform Labs and its founder, Do Kwon, South Korea has enacted the Virtual Asset User Protection Act, showcasing its commitment to safeguarding the virtual asset market. The legislation, enforced since July 19, 2023, imposes strict measures to combat crimes within the crypto industry.
The primary aim of the Virtual Asset User Protection Act is to establish order in the virtual asset market and combat illicit activities within the industry. South Korea's proactive approach underscores the importance of ensuring user protection and market integrity.
The law outlines severe penalties for offenders, including fixed-term imprisonment of over one year or fines ranging from three to five times the amount of unjust enrichment. Notably, individuals involved in significant illegal profits exceeding 5 billion won may face life imprisonment, emphasizing the gravity of crypto-related crimes.
The Financial Services Commission (FSC) is granted the authority to impose fines equal to twice the amount of unfair profits. This additional layer of oversight ensures a stringent regulatory framework, with fines applicable after notifying the Prosecutor General and receiving the investigation's outcome.
The law encourages collaboration between the FSC and the Financial Supervisory Service to investigate unfair trading practices. Violations may result in various consequences for crypto businesses, including suspension, correction orders, complaints, or notifications to investigative agencies.
South Korea's strong stance, through the Virtual Asset User Protection Act, signals a commitment to accountability in the crypto landscape, acting as a deterrent against crimes and showcasing dedication to user protection. This legislative move positions South Korea as a leader in global efforts to regulate the virtual asset market.
#SouthKorea #Write2Earn #TrendingTopic #Terraform #FSC
In response to the 2022 crypto industry crisis involving Terraform Labs and its founder, Do Kwon, South Korea has enacted the Virtual Asset User Protection Act, showcasing its commitment to safeguarding the virtual asset market. The legislation, enforced since July 19, 2023, imposes strict measures to combat crimes within the crypto industry.
The primary aim of the Virtual Asset User Protection Act is to establish order in the virtual asset market and combat illicit activities within the industry. South Korea's proactive approach underscores the importance of ensuring user protection and market integrity.
The law outlines severe penalties for offenders, including fixed-term imprisonment of over one year or fines ranging from three to five times the amount of unjust enrichment. Notably, individuals involved in significant illegal profits exceeding 5 billion won may face life imprisonment, emphasizing the gravity of crypto-related crimes.
The Financial Services Commission (FSC) is granted the authority to impose fines equal to twice the amount of unfair profits. This additional layer of oversight ensures a stringent regulatory framework, with fines applicable after notifying the Prosecutor General and receiving the investigation's outcome.
The law encourages collaboration between the FSC and the Financial Supervisory Service to investigate unfair trading practices. Violations may result in various consequences for crypto businesses, including suspension, correction orders, complaints, or notifications to investigative agencies.
South Korea's strong stance, through the Virtual Asset User Protection Act, signals a commitment to accountability in the crypto landscape, acting as a deterrent against crimes and showcasing dedication to user protection. This legislative move positions South Korea as a leader in global efforts to regulate the virtual asset market.
#SouthKorea #Write2Earn #TrendingTopic #Terraform #FSC