🚀 Taiwan Opens Virtual Asset ETF Investment For Qualified Investors
#Taiwan #VirtualAsset #ETF #Investment #QualifiedInvestors #FinancialSupervisoryCommission #SecuritiesFirms #RiskDisclosure #ProfessionalInvestors #InvestmentExperience
According to PANews, Taiwan's Financial Supervisory Commission (FSC) has announced that qualified professional investors can now invest in foreign virtual asset ETFs through sub-brokerage. Eligible professional investors include institutional investors, high-net-worth corporate investors, high-asset clients, professional investor corporations or funds, and individual professional investors.
To ensure that investors possess adequate investment experience and knowledge, securities firms offering virtual asset ETF services must establish a comprehensive suitability assessment system, which must be reviewed and approved by the board of directors. Before a client makes their first purchase of a virtual asset ETF, the securities firm must evaluate whether the client has the relevant investment experience and professional knowledge to ensure the appropriateness of the investment risk. Except for institutional investors, other investors must sign a risk disclosure statement before making their first purchase of a virtual asset ETF. Securities firms are required to provide relevant product information to investors before accepting their first purchase of a virtual asset ETF, to help investors fully understand the characteristics and associated risks of the virtual asset ETFs they are investing in.#Taiwan #VirtualAsset #ETF #Investment #QualifiedInvestors #FinancialSupervisoryCommission #SecuritiesFirms #RiskDisclosure #ProfessionalInvestors #InvestmentExperience
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🚀 Taiwan Introduces New AML Regulations For Crypto Firms
#Taiwan #AMLRegulations #Crypto #VASPs #FinancialSupervisoryCommission #DigitalAssets #ETFs #Compliance #RiskAssessment #Cryptocurrency #Finance
According to Cointelegraph, the Financial Supervisory Commission (FSC) of Taiwan has unveiled new Anti-Money Laundering (AML) regulations that all local virtual asset service providers (VASPs) must adhere to by 2025.
On October 2, the FSC released updated AML measures following earlier amendments proposed by the financial watchdog. Taiwan has been expected to introduce new crypto-related regulations since March. The new regulations mandate that all crypto firms register with the government by September 2025 or face penalties, including a two-year prison sentence or fines up to 5 million New Taiwan dollars ($155,900).
Effective January 1, 2025, these regulations will replace the current system for Taiwanese VASPs. Even if companies have previously completed the old AML compliance measures, they are still required to meet the new standards and registration process. The FSC advised VASPs to consider waiting until the new registration system is implemented before submitting their documents to avoid reapplying under different rules.
VASPs are also expected to prepare a risk assessment report and submit it to the respective government agency each year as part of the new compliance measures. The FSC is anticipated to submit a new proposal for crypto-related laws by June 2025, with a draft expected by the end of this year.
In addition to its new AML regulations, the Taiwanese government has been expanding its involvement in the crypto sector. On September 30, the FSC opened the digital asset ETF market to local professional investors, allowing access to high-risk foreign digital asset exchange-traded funds (ETFs). This move aims to boost Taiwan’s financial market competitiveness and aligns with similar efforts in Hong Kong and Singapore.#Taiwan #AMLRegulations #Crypto #VASPs #FinancialSupervisoryCommission #DigitalAssets #ETFs #Compliance #RiskAssessment #Cryptocurrency #Finance
🚀 Taiwan Financial Supervisory Commission Plans Virtual Asset Custody Services
#Taiwan #FinancialSupervisoryCommission #VirtualAsset #CustodyServices #Bitcoin #Ethereum #Dogecoin #FinancialInstitutions #Investment
According to Foresight News, the Taiwan Financial Supervisory Commission (FSC) is planning to introduce virtual asset custody services. Reports indicate that three banks have already expressed interest in this initiative, with the first trial applications for virtual asset custody services expected in the first quarter of next year. The target clients for these services will include virtual asset exchanges and professional institutional investors.
The FSC has outlined that financial institutions applying for the trial of virtual asset custody services must specify the types of virtual assets they will manage, such as Bitcoin, Ethereum, and Dogecoin. Additionally, they must identify their service targets, which could include virtual asset platforms, professional investors, or general investors.#Taiwan #FinancialSupervisoryCommission #VirtualAsset #CustodyServices #Bitcoin #Ethereum #Dogecoin #FinancialInstitutions #Investment
🚀 Taiwan To Pilot Crypto Custody Services Through Local Banks
#Taiwan #CryptoCustody #Cryptocurrency #FinancialSupervisoryCommission #BTC #ETH #DOGE #InstitutionalAdoption #CryptoStorage #LocalBanks
According to Cointelegraph, Taiwan is advancing institutional cryptocurrency adoption as local regulators plan to pilot crypto storage services through local banks. The Financial Supervisory Commission (FSC) of Taiwan is preparing to launch an institutional trial of crypto custody services, as reported by the Central News Agency on October 8.
While the FSC expects to start collecting applications in the first quarter of 2025, three private banks in Taiwan have already shown interest in piloting a crypto custody business. The FSC has specified that financial institutions applying for the trial must detail the types of assets they will store for clients, such as Bitcoin (BTC), Ether (ETH), or Dogecoin (DOGE). Additionally, institutions must provide information about their target users, whether they are professional or general investors, crypto asset platforms, or others.
FSC’s director of the comprehensive planning division, Hu Zehua, mentioned at a press conference that the authority plans to publicly release information on the upcoming trial at least 15 days before starting to accept applications. The FSC will also collect public feedback on the proposed trial and revise the process accordingly. This is a developing story, and further information will be added as it becomes available.#Taiwan #CryptoCustody #Cryptocurrency #FinancialSupervisoryCommission #BTC #ETH #DOGE #InstitutionalAdoption #CryptoStorage #LocalBanks
🚀 Taiwan To Implement Virtual Asset Platform Registration In November
#Taiwan #VirtualAssets #VASP #Registration #FinancialSupervisoryCommission #AML #CryptoRegulation #Compliance
According to PANews, Taiwan will advance the implementation of the Virtual Asset Service Provider (VASP) registration system starting November 30, 2023. The chairman of Taiwan's Financial Supervisory Commission recently stated that 26 companies have already obtained anti-money laundering compliance statements, with an additional 20 to 30 applications currently being processed. The director of Taiwan's Investigation Bureau noted that inspections were conducted on four companies last year, revealing four main types of deficiencies. Further inspections are scheduled for six VASP operators in November and December this year.#Taiwan #VirtualAssets #VASP #Registration #FinancialSupervisoryCommission #AML #CryptoRegulation #Compliance
🚀 Binance Updates P2P Merchant Policies for Taiwan's TWD Market Amid New AML Regulations
#Binance #P2P #MerchantPolicies #Taiwan #TWD #AMLRegulations #Compliance #FinancialSupervisoryCommission #VirtualAssets
Binance has announced adjustments for peer-to-peer (P2P) merchants in the New Taiwan dollar (TWD) market, effective November 29, 2024. These changes align with Taiwan’s updated Money Laundering Control Act, which comes into effect on November 30, 2024.Key Changes:Only merchants with P2Pro verification status, approved under Taiwan's Financial Supervisory Commission (FSC) AML Compliance Statement, may continue operations and advertising in the TWD market.Merchants without this verification will have all advertisements removed from Binance P2P and will be prohibited from trading TWD or virtual assets.Binance urges affected merchants to apply for the FSC’s Money Laundering Prevention Registration starting November 30, 2024, to regain compliance. Upon obtaining approval, merchants can then apply for P2Pro Merchant status to resume operations.Stay updated and plan ahead to ensure uninterrupted business in the evolving regulatory landscape.#Binance #P2P #MerchantPolicies #Taiwan #TWD #AMLRegulations #Compliance #FinancialSupervisoryCommission #VirtualAssets