About 52 virtual currency operators have shown interest in joining Taiwan’s financial market, the Financial Supervisory Commission has said. The commission also said that it is planning to announce the region’s first virtual asset management guiding principles sometime in September.
Virtual Asset-Specific Laws
Taiwan’s Financial Supervisory Commission (FSC) recently revealed that some 52 virtual currency operators have expressed interest in joining the Taiwanese financial market. According to the regulator, some of these operators have processed the legal documents on money laundering prevention while others have yet to complete this step.
As explained in one local report, the FSC made these revelations during a public hearing conducted by a local legislator Guo Guow. In addition, the regulator also revealed that it is planning to announce sometime in September the first virtual asset management guiding principles.
The report also suggested that authorities in the region have however not ruled out setting up laws specific to virtual assets. Yet, before such laws are enacted, virtual assets will reportedly be regulated under the Money Laundering Prevention Act. As per the report, operators that fail to abide by the anti-money laundering laws face fines that range between $69,000 and $1.38 million.
However, the report said under the current guidelines, aggrieved virtual asset investors cannot lodge complaints against operators with the Financial Review Center. Nevertheless, the FSC said it will still attempt to protect virtual asset users via other methods at its disposal. Some of these methods include asking operators to separate their assets from users’ funds.
Meanwhile, Huang Houming, deputy director of the Securities and Futures Bureau, said after the guiding principles are released later this month, operators will be encouraged to establish associations and self-regulate.
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