Taiwan Calls El Salvador Authorities to Establish Virtual Assets Bureau
Taiwan’s current rules have excluded stablecoin issuance as “it involves legal currency supply issues.”...
- Taiwan's Crypto Association has engaged in talks with the authorities in El Salvador to establish a Virtual Assets Bureau for enhanced crypto regulations.
- The collaboration aims to promote industry normalization, expand money laundering prevention measures, reduce illegal operators, and allow compliant businesses to enter the industry.
- The proposal for a Virtual Assets Bureau was made during a public hearing organized by Taiwanese legislator Kuo Kuo-wen.
- Taiwan's financial regulator, the Financial Supervisory Commission (FSC), plans to introduce virtual asset service provider guidelines by the end of September to oversee digital assets and combat money laundering.
The article highlights the efforts of Taiwan's Crypto Association to establish a Virtual Assets Bureau in collaboration with El Salvador authorities for enhanced crypto regulations. The sentiment is generally positive, as the collaboration aims to promote industry normalization and combat illegal activities such as money laundering.