The Taiwan Financial Supervisory Commission convened a discussion with cryptocurrency exchanges that have completed their declarations regarding the guidelines to be issued in September and will establish an industry association

ChainCatcher news, BitShine co-founder Chen Peiyun stated on Facebook that the Taiwan Financial Supervisory Commission convened all cryptocurrency exchanges in Taiwan that have completed their declarations on August 8 to discuss the guidelines to be issued in September. The key points of the guidelines meeting are as follows:

1. 70% of the participants responded that banks have an unfriendly attitude towards exchanges, demanding the closure of those who have declared, and even requiring the immediate repayment of corporate loans;

2. Individuals and corporate traders who have not declared to the Financial Supervisory Commission are in violation of the law and will be fined between 500,000 and 10 million NTD under the Anti-Money Laundering Act;

3. Some non-Taiwanese exchanges have submitted declarations to the Financial Supervisory Commission and intend to establish a presence in Taiwan;

4. Exchanges must have bank trust or performance guarantees;

5. After the guidelines are issued in September, an industry association will be established;

6. After the establishment of the association, self-regulatory norms for exchanges will be formulated.