Binance is applying for registration in Taiwan to comply with local anti-money laundering regulations

ChainCatcher news, Binance is applying for registration in Taiwan to comply with local anti-money laundering regulations. The Financial Supervisory Commission (FSC) of Taiwan stated in a closed-door meeting on Tuesday that Binance is applying for registration for anti-money laundering compliance.

It is reported that Taiwan has required virtual asset service providers (VASP) to comply with anti-money laundering regulations since July 2021. The Financial Supervisory Commission (FSC) was appointed as the main regulatory authority for the cryptocurrency industry in March this year, and the agency stated that it is currently developing a broader set of guidelines related to VASP cryptocurrency transactions and payments.

In addition, Binance has collaborated with local law enforcement agencies to combat cybercrime in Taiwan. In June this year, Binance stated that it is working with the Taiwan Criminal Investigation Bureau to share its expertise in combating crimes related to digital assets with over 200 Taiwanese law enforcement officers.