Taiwan’s Financial Supervisory Commission (FSC) will launch the registration system for cryptocurrency exchanges on November 30, according to local news source Anue Juheng in Taiwan. This early step marks an important milestone towards increased regulatory oversight in an environment where the crypto industry is growing rapidly.

In a recent meeting with the Finance Committee of the Taiwan Legislative Yuan, FSC Chairman Peng Chin-long stated that 26 crypto exchanges that have complied with anti-money laundering laws have already made relevant declarations, and another 20 to 30 applications are under review.

This shows that the FSC has initiated a significant harmonization process within the framework of the registration system and that much of the industry is in the process of complying with the legal regulations.

It is reported that the FSC will increase inspections on crypto exchanges in the coming months. Inspections will be carried out for six cryptocurrency exchanges in November and December, and these inspections will be carried out in line with the findings from last year’s checks on the four major operators.

During these checks last year, serious deficiencies were detected in critical compliance processes such as identity verification and transaction monitoring. Therefore, the FSC is expected to make inspections more comprehensive this year and ensure that the industry complies with the standards.

It is also stated that the FSC has developed a new regulation called the “Special Law on Crypto Exchange Management”. This law aims to introduce more transparent and stringent regulations regarding the licensing, consumer protection and operational standards of cryptocurrency exchanges.

With this law coming into force, the activities of crypto exchanges will be kept under stricter control and a safer environment will be created for users. The FSC plans to hold public hearings to discuss the details of the law and seek public feedback.

These sessions are expected to be held in early 2025 and the draft law will take its final form after this process.

These new regulatory steps in Taiwan are considered a necessary move to control the complex structure of the rapidly developing digital asset market in the country and to ensure the protection of users. This cautious approach of the FSC also offers a solution to address regulatory deficiencies in the cryptocurrency industry.

In early October, the regulator proposed new anti-money laundering regulations for cryptocurrency exchanges. Under these regulations, crypto exchange operators are required to submit annual risk assessment reports and establish certain internal control and audit systems.

With the new regulations, crypto exchanges in Taiwan will be enabled to comply with financial regulations and provide a safe trading environment for users.

These new steps of Taiwan in the crypto industry are being watched carefully by both local and international investors. These regulations aim to provide greater credibility in the industry and enable Taiwan to emerge as a regulatory leader in cryptocurrency markets.

These steps by the Taiwan Financial Supervisory Commission also reflect the general trend in crypto regulations around the world; This shows that countries are seeking to increase user protection with tighter controls in the crypto sector.