#cryptonews
Taiwan’s Financial Supervisory Commission (FSC) is set to implement a registration system for cryptocurrency exchanges by November 30.
The initiative, reported by local news outlet Anue Juheng, comes as part of the FSC’s broader efforts to enhance scrutiny and compliance within the cryptocurrency market.
Additionally, he noted that another 20 to 30 applications are currently under review. The FSC plans to increase inspections of crypto exchanges, with six firms scheduled for audits in the coming months.
During a recent session with the Legislative Yuan’s Finance Committee, FSC chairman Peng Chin-long revealed that 26 exchanges have acquired compliance declarations under anti-money laundering (AML) laws.
Moreover, the FSC is in the process of drafting a “Special Law for Crypto Exchange Management,” with public hearings expected in early 2025.
This follows inspections of four larger operators last year, which uncovered significant compliance issues, including failures in identity verification and transaction monitoring.
The FSC intends to begin accepting applications for the trial in the first quarter of 2025. Three private banks have already expressed interest in participating in this pilot program. Taiwan has been pushing for crypto regulations amid efforts to establish itself as a global cryptocurrency hub.
More recently, the FSC announced plans to launch a trial for crypto custody services through local banks.