Taiwan Has New Rules for the Regulation of Crypto-exchanges
The local regulator strictly controls digital assets, and from July 1 this control will be strengthened. Authorities introduce new requirements for cryptocurrency exchanges aimed at preventing money laundering
Taiwan's regulator (FSC) says the changes will benefit the cryptosphere. They will lead to the stabilisation of the industry, popularisation of safe and legal exchanges, crypto payments and other services offered by crypto-exchanges.
Updated rules will be introduced from July 1. Among the major changes:
- Exchanges are required to notify of transactions with cash worth more than $17.8 thousand.
- A KYC check is required to verify the identity of users.
Most of Taiwan's crypto platforms will not be affected by innovations. They already adhere to the strict policy of KYC from the very first day of their work. Otherwise, the results of the introduction of stricter controls will be possible to speak in the second half of 2021.