- Binance has set eyes on the Taiwan crypto market.
- The crypto exchange has initiated a compliance process.
- The race to strengthen Asian presence continues.
Binance has reportedly initiated registering under Taiwan’s Money Laundering Control Act. Local news outlets have named BitShine’s Co-founder, Chen Peiyun, as the source of information revealing the prospects of the Financial Supervisory Commission (FSC) naming Binance as an official crypto exchange in the country.
To date, Binance has a presence in Taiwan under its overseas subsidiary company – Binance International Limited Taiwan Branch (Seychelles), officially registered on May 12, 2023.
Crypto Policy in Taiwan
While Taiwan has not enacted a robust legal framework for regulating crypto and its derivatives, it requires all crypto-related firms operating in the market to comply with the July 2021 AML Guideline.
The guideline includes a range of provisions aimed at deterring virtual asset companies from aiding and abetting money laundering or terrorism financing. Consequently, companies are required to demonstrate the ability and unconditional willingness to identify and verify customer details and report any suspicion of illegal finance activities to the FSC.
On April 27, FSC Chairman, Huang Tien-mu, revealed that the commission plans to roll out a comprehensive crypto regulatory framework in September 2023. The commission plans to compel centralized exchanges to separate customer deposits from business funds to nurture the budding crypto market and prevent an FTX-like saga.
Binance Segments Its Presence in Asia
Binance has been actively making inroads into Asian markets. The crypto exchange announced on July 31, 2023 that it became the first company to secure Dubai’s operational Minimum Viable Product (MVP) License.
Other countries where Binance has established a presence within a legal framework include Thailand, Japan, and Bahrain. The exchange’s Binance (AD) Limited has also been granted Financial Services Permission (FSP) to operate in the Abu Dhabi Global Market (ADGM).
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