Taiwan's "Financial Supervisory Commission" will strengthen the review of cryptocurrency listings on exchanges in the new rules to be implemented in January 2025

ChainCatcher News, Taiwan's "Financial Supervisory Commission" department head Huang Xi and Zhou stated at a fintech conference in Taipei on Monday that the Financial Supervisory Commission will require "virtual asset service providers" to complete compliance registration, with new rules set to take effect in January 2025. Non-compliance may result in criminal penalties, including up to two years of imprisonment.

Mr. Huang indicated that with the new rules on the horizon, regulators aim to strengthen scrutiny in key areas, including fiat currency custody, information security, customer complaint handling procedures, record-keeping, and information disclosure. Mr. Huang pointed out that there will be stricter reviews of the listing and delisting of crypto assets. Cryptocurrency exchanges must establish clear procedures for the listing and delisting of crypto assets and take measures to prevent unfair trading and detect abnormal prices and trading volumes.

In addition to introducing new compliance registration rules, the Financial Supervisory Commission is also drafting a special legal proposal specifically targeting crypto assets. Financial Supervisory Commission Chairman Peng Jinlong stated today at the forum that the regulatory body is making progress and plans to submit the legal proposal to Taiwan's highest administrative authority, the Executive Yuan, in June 2025.