Taiwan Calls El Salvador Authorities to Establish Virtual Assets Bureau For Enhanced Crypto Regulations
Taiwan’s Crypto Association has established talks with the El Salvador authorities – the Central Bank, the Virtual Assets Bureau, and the Presidential Palace – calling for enhanced crypto regulations.
According to a Wu Blockchain report, Taiwan regulators have communicated with El Salvador’s authorities, toward establishing a new Virtual Assets Bureau to ensure supervision capacity.
The collaboration would “promote the normalization of the industry, call for the expansion of the scope of money laundering prevention statements, reduce grey area, illegal operators and allow those willing to comply with regulations to officially enter the industry,” the translated statement read.
The proposal of a Virtual Assets Bureau was made during a public hearing organized by Taiwanese legislator Kuo Kuo-wen on September 7.
The meeting primarily discussed whether to establish a special unit "Financial Technology Bureau" for crypto industry supervision. Representatives from crypto exchanges Binance and Bitfinex attended the meeting.
The Financial Supervisory Commission (FSC), Taiwan’s financial regulator, noted that the existing crypto regulatory framework excludes stablecoin issuance because “it involves legal currency supply issues,” the report further said.
According to a CNA report, Taiwan will introduce its virtual asset service provider (VASP) guidelines by the end of September and the regulator will oversee digital assets, establish regulatory frameworks to combat money laundering, and ensure compliance among crypto businesses and exchanges.
The public meeting saw representatives from various departments talk about the importance of regulations at a time when Taiwan’s cryptocurrency landscape is evolving.
For instance, You Liling,
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