Taiwan Introduces New Cryptocurrency Regulations, Requiring Registration for Exchanges

Taiwan's Financial Supervisory Commission (FSC) introduced new rules for cryptocurrency market.
The FSC released guidelines for virtual asset service providers (VASP) operating in Taiwan.
The guidelines require foreign VASPs to register with the regulator before providing services in Taiwan.
Major crypto exchanges in Taiwan formed a self-regulatory association per FSC's guidelines.
Besides local exchanges, global firms like Binance, Kraken and Bybit have been serving customers in Taiwan.

cointelegraph.com

Relevant topic timeline:

9/6/2023

FASB Says Crypto Assets Should Be Marked at Current Values

The Financial Accounting Standards Board (FASB) is drafting a new accounting standard that requires companies to use a fair-value approach for cryptocurrency, measuring digital assets based on their market trading value, which is expected to be approved by the end of the year.

9/7/2023

Blanket Crypto Bans Won’t Work, Joint IMF, FSB Paper Warns

A joint policy paper by the IMF and FSB advises against blanket bans on cryptocurrency and instead recommends targeted restrictions and sound monetary policy to mitigate risks, highlighting that global stablecoins pose a greater risk to financial stability than other cryptocurrencies.

9/10/2023

India to Decide Stance on Crypto Regulation Soon Based on IMF and G20 Recommendations

India will evaluate the recommendations made by the IMF and the FSB on regulating crypto assets before deciding its stance, according to Ajay Seth, the secretary of the department of economic affairs.

9/15/2023

FASB Announces New Accounting Rules for Cryptocurrencies, Allowing Unrealized Gains/Losses on Corporate Balance Sheets

The Financial Accounting Standards Board (FASB) plans to introduce new fair-value accounting rules for Bitcoin and other cryptocurrencies, which could provide clarity and eliminate ambiguity for companies interested in holding digital assets, potentially leading to increased adoption and long-term price appreciation.

9/18/2023

NYDFS Seeks Public Input on Proposed Crypto Regulatory Framework and Greenlist Designation

The New York State Department of Financial Services (NYDFS) has proposed stricter regulations for crypto firms, including enhanced criteria for coin-listing procedures and a framework for designating tokens to the regulator's greenlist.

10/2/2023

SEC Delays Crypto ETF Approvals While Courts and Regulators Move Forward on Crypto Regulation

The SEC has delayed its decision on spot Bitcoin exchange-traded funds (ETFs), as well as spot Ether ETFs from VanEck, ARK 21Shares, and GlobalX, with applicants now expected to hear back in December and January; Bitwise Asset Management has responded to the delay with an amended application addressing the SEC's objections. In China, the Shanghai No.2 Intermediate People's Court has recognized Bitcoin as a unique and non-replicable digital asset, highlighting its currency features, while Taiwan's Financial Supervisory Commission has issued industry guidelines for virtual asset service providers (VASPs), including the requirement for foreign VASPs to obtain necessary approvals before operating in the country. Meanwhile, the Securities and Futures Commission (SFC) of Hong Kong will publish a list of licensed and suspicious virtual asset trading platforms (VATPs) following the JPEX crypto exchange scandal.

10/11/2023

FASB Approves New Crypto Accounting Rules, Paving Way for Wider Corporate Adoption

The US Financial Accounting Standards Board (FASB) has approved mark-to-market accounting for corporations and businesses holding crypto digital assets, allowing them to declare gains or losses based on the acquisition price, which has significant implications for crypto adoption in the corporate treasury world.

10/16/2023

Australian Government Proposes New Crypto Exchange Regulations, Exchanges Split on Impact

The Australian Treasury has proposed new regulations to regulate cryptocurrency exchanges under existing financial services rules, receiving praise from crypto exchanges for providing regulatory certainty and promoting industry growth and innovation. However, some express concerns about fitting the crypto industry into existing financial services regulation.

10/17/2023

South Korea Plans New Crypto Regulations by January to Supplement Virtual Asset Law

South Korea's Financial Supervisory Service (FSS) is developing regulations to supplement the Virtual Asset Users Protection Act, which was passed without a sufficient regulatory framework, and is set to be ready by January.

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Posted 9/26/2023, 1:30:00 PM

Taiwan Introduces New Cryptocurrency Regulations, Requiring Registration for Exchanges

Taiwan's Financial Supervisory Commission (FSC) introduced new rules for cryptocurrency market.
The FSC released guidelines for virtual asset service providers (VASP) operating in Taiwan.
The guidelines require foreign VASPs to register with the regulator before providing services in Taiwan.
Major crypto exchanges in Taiwan formed a self-regulatory association per FSC's guidelines.
Besides local exchanges, global firms like Binance, Kraken and Bybit have been serving customers in Taiwan.