Binance intends to enter the Taiwanese market
Binance intends to enter the Taiwanese market
Cryptocurrency exchange Binance has plans to apply for registration in Taiwan.
The company is preparing to operate in Taiwan under the Anti-Money Laundering Act, which is the only government regulation for participants in the crypto industry.
During its recent meeting, Taiwan's Financial Supervisory Commission (FSC) said that Binance is applying for registration, writes The Block.
The anti-money laundering laws for virtual asset service providers (VASPs) were passed by Taiwan in July 2021. While the crypto industry is largely unregulated in the country, the move shows a commitment to the development of the cryptocurrency sector.
It's worth noting that Binance is not regulated in Taiwan, but the exchange has registered an entity called "Binance International Limited Taiwan Branch (Seychelles)". According to the registration log of Taiwan's Ministry of Commerce, Binance was approved on May 12, 2023, and has a registered capital of NT$30 million.
The exchange is already working with Taiwan's Criminal Investigation Bureau to provide its expertise in combating crimes related to digital assets.
Although Taiwan's FSC was established in March 2023 as the primary regulator of the crypto industry, the commission is preparing to formulate more guiding regulatory requirements for VASPs regarding trading and payments related to digital assets.
"The FSC plans to require VASPs to keep their own crypto assets separate from the clients' crypto assets and to have accounting firms audit such assets every year," said Kevin Cheng, Head of the Taiwan Financial Technology Association.
However, he added that most accounting firms are unwilling to cooperate with the cryptocurrency sector.
Moreover, in July last year, Taiwan's Financial Supervisory Commission asked financial institutions and credit card companies not to produce cards that support payments with virtual assets.
Earlier, Changpeng Zhao gave a word about the advantages of the Binance Wallet.
