Binance Seeks Registration in Taiwan Under Money Laundering Control Act and FSC

cryptonews.com:

Binance, the global leader in cryptocurrency exchange by trading volume, has submitted an application for registration in Taiwan according to the Money Laundering Control Act and the Financial Supervisory Commission (FSC).

During a private meeting on Tuesday, Taiwan's Financial Supervisory Commission informed numerous local crypto service providers that Binance is seeking Anti-Money Laundering (AML) compliance. 

The report, sourced from Chen Peiyun, co-founder of Taiwan's BitShine crypto exchange, stated that the FSC identified Binance as a prospective exchange aiming to join the crypto market in Taiwan.

Taiwan's cryptocurrency sector lacks significant regulation, but the FSC established AML guidelines in July 2021. The FSC made it obligatory for virtual asset service providers (VASPs) to follow the country's anti-money laundering laws.

Taiwan's Financial Supervisory Commission (FSC), appointed as the primary regulator for the cryptocurrency industry in March, is formulating comprehensive guidelines for trading and payments involving cryptocurrencies for Virtual Asset Service Providers (VASPs), according to the regulator's statement.

The FSC has revealed that it intends to release these VASP guidelines by the end of September.

Kevin Cheng, a director at the Taiwan Fintech Association and former chief compliance officer at the Taiwanese crypto exchange BitoEX, disclosed that the FSC aims to impose stringent regulations on crypto platforms in Taiwan, akin to those governing traditional financial institutions.

Cheng explained, "The FSC is planning to mandate that VASPs maintain a clear separation between their crypto assets and clients. Additionally, they will be required to undergo annual audits by accounting firms." 

He