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Taiwan Proposes Adding a New Category for Regulating Digital Currency Companies

The Ministry of Economic Affairs in Taiwan has announced a proposal to amend the classification criteria for trading groups, with the aim of adding a new category for digital asset services. This move aims to enhance the development of self-regulatory principles.

According to officials, the proposed step to add the new business category defines the scope of operations within the digital currency field. It includes various activities such as the exchange of digital currencies for legal tender or other digital tokens, facilitating the transfer of digital currencies, providing storage or management services for digital currencies, in addition to assisting with the issuance or sale of digital currencies.

Digital currency companies can establish industry associations once the new business category is added to the relevant guidelines. The ministry intends to gather public opinions and formulate the regulations in collaboration with the Ministry of the Interior by mid or end of October.

On another note, the Financial Supervisory Commission (FSC) in Taiwan, appointed last March as the primary authority responsible for overseeing the digital currency industry, is currently putting forth a broader set of trading and payment guidelines related to digital currencies for digital asset service providers, as announced by officials.

Digital currency companies can establish industry associations to develop self-regulatory principles. It’s worth noting that Binance, the world’s largest digital currency exchange, has applied for compliance registration for anti-money laundering measures according to the FSC.

Simultaneously, the FSC in Taiwan is working on formulating a broader set of trading and payment guidelines related to digital currencies for digital asset service providers. The committee is planning to publish these principles before the end of September.

SourceThe Block

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