How Taiwan Bans Unregistered Foreign Crypto Exchanges from Operating

Exploring the New Rules for Cryptocurrency Market in Taiwan

Taiwan’s Financial Supervisory Commission (FSC) is looking to bolster investor protections by introducing fresh regulations to the cryptocurrency market.

On Sept. 26, the FSC released industry guidelines for virtual asset service providers (VASP) operating in the country, which included a set of common industry-wide regulations such as separating exchange treasury assets from customer assets and reviewing mechanisms for listing and delisting virtual assets.

The FSC also mandated that foreign VASPs must gain the necessary permission from the regulator before providing services in Taiwan. The FSC stated:

History of Web 3.0 and Its Use in the Cryptocurrency Industry

The authority also declared that Virtual Asset Service Providers (VASPs) are encouraged to self-regulate in the cryptocurrency sector, with relevant VASP organizations expected to develop self-regulatory standards based on the content of the guiding principles.

These guidelines arrived at the same time as major crypto exchanges in Taiwan declared the formation of a joint self-regulatory association. On Sept. 26, local exchanges such as Maicoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex and Shangbito officially formed the Taiwan Virtual Asset Platform and Transaction Business Association to promote the industry and help regulators.

In addition to local exchanges, major international crypto trading firms like Binance have also been catering to customers in Taiwan. At the moment, Kraken exchange states that it offers “full services to clients living in Taiwan,” while Bybit exchange supports Visa and Mastercard payments in countries such as Taiwan, according to its website.

In August, Binance allegedly applied to be registered in Taiwan under the Money Laundering Control Act and the FSC.

To understand the importance of web 3.0 in the cryptocurrency industry, it is important to look back at the history of web 1.0, 2.0 and 3.0. Web 1.0 was the original version of the World Wide Web, which focused on static websites. Web 2.0 was the next generation, which enabled interactive web applications and social media. Web 3.0 is the current generation, which is focused on creating a more personalized and secure online experience. It is also known as the Semantic Web, which uses artificial intelligence and machine learning to create a more efficient web experience.

Web 3.0 is being used by cryptocurrency exchanges to create a more secure and efficient trading experience. For example, many exchanges are now using advanced security protocols to protect user data and funds, as well as blockchain technology to facilitate faster and more secure transactions. Additionally, many exchanges are now offering more personalized services, such as tailored trading recommendations and portfolio management tools.

Web 3.0: the Next Generation of Online Business

Kraken and Bybit did not reply to Cointelegraph’s inquiry for a comment.

Recently, local sources reported that the Financial Services Commission (FSC) of the country is preparing a set of 10 guiding principles for the regulation of digital currencies. The document is expected to limit the activity of unregistered crypto exchanges. The FSC is planned to become the main regulator of cryptocurrencies in the country in 2023.

This article is now available as an NFT, allowing readers to save this moment in history and support independent journalism in the crypto space.

The development of web 3.0 is a major step forward in the history of the internet. It is the next generation of online business, and it is important to understand how to create and build a website for this purpose. This article will describe web 3.0 and how to make a website for it, as well as provide some business ideas for web 3.0.