Taiwan players have unveiled their first set of self-discipline rules for virtual currency exchange houses, with the regulations mainly focusing on how to enhance regulatory compliances set by competent authorities concerning anti-money laundering practices and personal data protection, so as to help Taiwan boost its anti-laundering performance rating by the Asia/Pacific Group on Money Laundering (APG).
The rules were jointly announced by Parliamentary Union on D-Nation, General Chamber of Commerce of the ROC, Apac Blockchain Development Association (ABDA) and several virtual currency exchange houses under the association including Bitfinex, BitoEX, BitPoint, Cobinhood, KTrade and Tide Global Exchange Technology.
In her capacity as president of the Parliamentary Union on D-Nation, lawmaker Karen Yu said that with the rollout of the self-discipline rules governing the operations of virtual currency exchange platforms, operators of the platforms can build a solid basis for dialogues with the Financial Supervisory Commission to develop a new financial management model in the digital era.
ABDA chairman SW Liao said that the rules will be updated and revised constantly based on opinions contributed by the government and the public, adding that blockchain governance, government supervision and self-regulation by firms can complement one another.
Liao stressed that through the self-regulatory practices, virtual currency exchange houses and technology specialists under his association can help the government better enhance anti-money laundering and counter terrorist finance.