Taiwan to tighten listing and delisting requirements for cryptocurrencies on exchanges
The new rules will take effect from January 2025
04.11.2024 - 12:45
61
2 min
0
What’s new? Taiwan’s Financial Supervisory Commission (FSC) will introduce asset listing and record-keeping rules as part of a new licensing regime for crypto exchanges that will come into effect in 2025. Specifically, exchanges will be required to establish clear procedures for listing and delisting assets, as well as take measures to prevent fictitious trading and detect abnormal prices and trading volumes.
What else is known? The new licensing regime is aimed at anti-money laundering (AML), it will come into effect on January 1, 2025, and platforms will have to be registered by September 30. Failure to do so could see executives face fines of up to 5 million Taiwanese dollars ($155 900), or imprisonment for up to two years.
Until then, local crypto exchanges must operate under the FSC’s AML regulations, introduced in 2021. The FSC itself was appointed as the main supervisory body for the crypto sector in March 2023.
With the new rules coming into force, the regulator intends to tighten controls in key areas including fiat currency custody, information security, customer complaint procedures, record keeping, and disclosure.
Dubai regulator tightens rules on promoting cryptocurrency services
Crypto companies have been required to accompany their investment products with a risk disclaimer
Among other things, the commission will require crypto custodians to separate client assets from crypto exchanges’ own funds and publish annual reports.
In addition, by June 2025, the FSC will introduce a separate bill to regulate crypto assets, not just exchanges.
In September, the FSC allowed professional investors to trade shares of foreign exchange-traded crypto funds to improve the competitiveness of the local financial market.
Useful material?
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024