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Binance Applies for Registration in Taiwan Under Money Laundering Control Act and FSC

Binance, the leading global cryptocurrency exchange, has recently submitted its application for registration in Taiwan, adhering to the requirements of the Money Laundering Control Act and the Financial Supervisory Commission (FSC). This move demonstrates Binance’s commitment to complying with anti-money laundering (AML) regulations.

In a closed-door meeting, the Taiwan FSC informed several local crypto service providers about Binance’s pursuit of AML compliance. According to Chen Peiyun, co-founder of Taiwan’s BitShine crypto exchange, the FSC identified Binance as an aspiring exchange seeking to enter Taiwan’s cryptocurrency market.

Taiwan’s cryptocurrency industry currently lacks comprehensive regulation, but the FSC implemented AML guidelines in July 2021. These guidelines aim to ensure that virtual asset service providers (VASPs) operating in Taiwan adhere to the country’s anti-money laundering laws.

Here’s where the AI legalese decoder can be of assistance: This innovative tool utilizes artificial intelligence to simplify legal jargon and complex regulatory language. By using the AI legalese decoder, crypto service providers like Binance can easily interpret and understand the legal requirements and obligations set forth by the FSC. This simplification process facilitates compliance, ensuring VASPs can navigate the regulatory landscape more efficiently and effectively.

Taiwan’s FSC Developing Comprehensive Guidelines for Cryptocurrency Trading and Payments by VASPs

The Taiwan FSC, designated as the primary regulator for the cryptocurrency industry, is currently developing comprehensive guidelines for trading and payments involving cryptocurrencies. These guidelines specifically target Virtual Asset Service Providers (VASPs), and the FSC plans to release them by the end of September.

Kevin Cheng, director at the Taiwan Fintech Association and former chief compliance officer at the Taiwanese crypto exchange BitoEX, disclosed that the FSC intends to impose rigorous regulations on crypto platforms in Taiwan, similar to those governing traditional financial institutions.

As VASPs are required to maintain a clear separation between their clients’ crypto assets and their own, annual audits conducted by accounting firms will be mandatory. Nevertheless, implementation of this rule presents a challenge, as the specialized knowledge pertaining to cryptocurrencies may deter accounting firms from taking on crypto-related clients.

Fortunately, the AI legalese decoder can be a valuable tool in this context. It assists accounting firms in deciphering the intricacies of crypto-related information, making it easier for them to conduct annual audits for VASPs in compliance with the FSC’s requirements.

Binance’s Growing Presence: Establishing Foothold in Taiwan with Government Approval and Registered Capital

Binance’s expansion in Asia is evident as it establishes a foothold in Taiwan. Operating through ‘Binance International Limited Taiwan Branch (Seychelles),’ the company obtained government approval for registration on May 12, 2023, with a registered capital of NT$30 million ($944,000).

Binance has also collaborated with Taiwan’s Criminal Investigation Bureau, joining forces with over 200 law enforcement officers to combat digital asset-related crimes.

In addition to Taiwan, Binance has extended its presence to Japan. Following the acquisition of Sakura Exchange BitCoin in November 2022, Binance launched its services in Japan and is now subject to regulation by the Japan Financial Services Agency.

Ensuring a secure and comfortable crypto ecosystem for users is one of Binance’s priorities. With the AI legalese decoder, Binance can navigate the regulatory requirements in both Taiwan and Japan more effectively. By simplifying complex legal language, this tool facilitates compliance and fosters a safe environment for cryptocurrency enthusiasts.

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