In Taiwan, a new law on securities and cryptocurrencies will come into force early next year, requiring companies in the sector to register in order to operate in the country.
New cryptocurrency law will come into effect in January in Taiwan
Taiwan Financial Supervisory Commission (FSC)the equivalent of the Securities and Exchange Commission (SEC) in the United States, will introduce next January, new rules aimed at better regulating the cryptocurrency sector.
Hsi-Ho Huang, director of the FSC's security companies division, spoke on this subject during the FinTechOn conference taking place this Monday in Taipei, the capital of Taiwan. “ Additional control will be applied to the listing and delisting of cryptocurrencies, » he explains.
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At the same time, Hsi-Ho Huang indicated that “ digital asset service providers will need to complete compliance registration as early as Januaryin line with the new legislative framework on cryptocurrencies which will come into force from January 2025 ».
This new regulation will replace the anti-money laundering laws introduced in July 2021 in order to include cryptocurrencies and more broadly securities. Failure to comply with these new rules may result in financial sanctions, even imprisonment for a maximum duration of 2 years for executives of the companies concerned.
Last month, the FSC announced plans to launch a digital asset custody pilot project via Taiwanese banks. Three of them have already expressed their interest and could submit their application early next year.
Also, in June, the Taiwanese sector of the crypto ecosystem with the support of the local governmenthad officially formed an industry association with the aim of helping each other in order to comply with the legislative framework of the country.
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Source : The Block
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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