To cooperate with the Financial Supervisory Commission's (FSC) anti-money laundering and counter-terrorism financing policies for virtual asset exchanges, the Taiwan Virtual Currency Association announced that it has notified members to comprehensively adopt payment methods that can preserve transaction flow records, enhancing transaction transparency and traceability.
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ToggleFSC Requires Preservable Transaction Flow Records, Association Fully Responds
According to the FSC's recently strengthened policies, virtual asset trading activities must ensure transaction flows are traceable to comply with anti-money laundering and counter-terrorism financing regulations. The Taiwan Virtual Currency Association stated that it has notified all members, emphasizing that when conducting financial transactions with users, they should use payment channels with complete transaction record capabilities, such as bank transfers or other payment tools that can preserve data.
Convenience Store Value-Adding Mechanism Has Regulatory Loopholes, Two Major Platforms Suspend Usage First
Regarding the current practice of some trading platforms still allowing account value-adding through convenience stores, the association pointed out that this mechanism still has monitoring loopholes and has not reached the traceability standards required by financial supervision.
Therefore, two major member companies: Bit Technology Co., Ltd. (Bit) and Modern Wealth Technology Co., Ltd. (Maicoin) have proactively announced the immediate suspension of value-adding services through convenience stores. Detailed adjustments and subsequent measures will be separately announced by each platform through their official websites.
Maintaining Market Order, Association Emphasizes Continued Cooperation with Regulatory Authorities
The association emphasized that it will continue to maintain close communication with regulatory authorities such as the FSC, regularly reviewing the implementation effectiveness of preventive measures. The association also reiterated that this series of policies and self-regulatory actions aim to enhance the industry's defense against financial crimes and fraud, ensuring the safety and stable development of Taiwan's virtual currency market.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
