Binance is in the process of seeking registration under Taiwan’s Money Laundering Control Act. The cryptocurrency sector has been advancing, with numerous governments worldwide taking steps toward regulatory development. Taiwan, for instance, has recently taken a stride toward market regulation.
The latest regulation presently stands as a set of rules concerning cryptocurrencies that have been formulated by local authorities. In a recent private meeting, Taiwan’s Financial Supervisory Commission [FSC] conveyed to multiple cryptocurrency companies that Binance is currently in the process of applying for registration to ensure compliance with anti-money laundering regulations.
As reported by The Block, Binance is required to establish a company and assemble a local team within Taiwan. The process entailed completing local anti-money laundering registration and establishing a banking relationship before proceeding with the license application. More recently, the firm secured two licenses in El Salvador.
Also Read: Binance Obtains Two Digital Asset Licenses in El Salvador
Is Binance new to the Taiwan market?
Binance has initiated partnerships with local law enforcement agencies in Taiwan to address cybercrime. Back in June, Binance announced its collaboration with Taiwan’s Criminal Investigation Bureau. It intended to share its proficiency in addressing crimes related to digital assets. This partnership involved providing expertise to over 200 Taiwanese law enforcement officers. Damien Ho, head of global partnerships of Binance, previously said,
“As a growing number of people in Taiwan grow an interest in cryptocurrency, it is important that the crypto ecosystem feels safe and comfortable for users.”
As a result, many speculated that the exchange might potentially make its entry into the market in the near future. However, it’s important to emphasize that neither Binance nor the FSC have officially confirmed the exchange’s participation in the market.
Also Read: Taiwan Fights Bitcoin, Ethereum Bribes Ahead of 2024 Elections
