Exclusive | Legislator Guo Guowen convenes a public hearing on Taiwan's supervision, representatives from Binance and Bitfinex seen in attendance

Exclusive news: DPP legislator Guo Guowen convened a "Virtual Asset Supervision" public hearing on the morning of 9/7, inviting local Taiwanese industry players to discuss the "FSC Guidance Principles" to be announced at the end of September. Attendees included representatives from well-known international players such as Binance and its sister exchange Bitfinex.

Review of the FSC Guidance Principles draft: Interpreting the draft of the FSC Guidance Principles in Taiwan

Participants from Taiwan Exchange/Financial Supervisory Commission/Academics: Representatives from Binance/Bitfinex Attend

A "Virtual Asset Management" public hearing invited representatives from the Digital Development Department, Legal Department, Criminal Investigation Bureau, as well as industry representatives, academics, and lawyers to discuss together.

According to exclusive sources, topics discussed at the meeting included:

• How does the Financial Supervisory Commission guide Taiwanese companies to comply with regulations?
• Should a dedicated unit, "Financial Technology Bureau," be established for regulation?
• Due to high compliance costs for small businesses, should a tiered management system be adopted for exchanges/crypto businesses?
• Should special laws be established for management?
• Should Taiwan open up leverage derivative trading?

International exchange operators Binance and Bitfinex also attended the public hearing, with a representative from Binance providing anti-money laundering experiences and regulatory examples from other countries to the relevant authorities. Recently, the Financial Supervisory Commission revealed that Binance has submitted an anti-money laundering declaration to seek establishment in Taiwan.

The Financial Supervisory Commission in Taiwan disclosed that Binance has submitted an anti-money laundering declaration, with the Taiwanese registered company of Binance striving for compliance in Taiwan.

Are Binance/Bitfinex also Taiwanese companies?

International exchange operators Binance and Bitfinex are important players in the cryptocurrency exchange market, both of which have registered companies in Taiwan.

In addition to the recently exposed Taiwanese registered company of Binance: "Seychelles-based Binance International Limited Taiwan Branch"; the sister exchange of Tether, "Bitfinex," has been a long-standing registered company in Taiwan, registered as "the British Virgin Islands-based iFinex Inc." in 2015.

However, both are currently not on the list of companies that have submitted anti-money laundering declarations.

Complete hearing record: Exclusive | Highlights of the Virtual Asset Management Public Hearing: Calls for the establishment of a dedicated agency, Binance's application still under review