According to a press release issued on March 4 by Taiwan’s Banking Bureau of the Financial Supervisory Commission (FSC), 18 cryptocurrency trading platforms filed Compliance Statements with the FSC, but only seven met requirements, including 鏈科股份有限公司, XREX’s research and development center in Taiwan.
The list of cryptocurrency platforms that are FSC compliant:
Last year, Taiwan’s Executive Yuan designated FSC’s Banking Bureau as the supervisory authority for Virtual Asset Service Providers (VASPs). In September 2021, the Bureau required all crypto trading platforms to submit their Compliance Statements on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). Required documents included AML/CFT Declaration, Declarant Information Sheet, company registration profile by the Department of Commerce, Articles of Association, directors and shareholders register, Guidelines on Virtual Asset Transaction, and AML/CFT Policy, etc. Crypto trading platforms must submit the completed report to be approved by the Banking Bureau in order to operate in Taiwan.
Established in 2018, XREX has focused on emerging markets including India, Africa, the Middle East, South America, and Southeast Asia, with an aim to solve dollar shortage issues and help cross-border merchants with payments, clearance, and settlements. XREX is positive toward reasonable regulations and precise rules.
“Taiwan government respects the development of the crypto industry and remains an open channel to communicate with the industry,” said Nick Chang, head of Compliance at XREX. “This creates a positive industrial atmosphere and moves us to explore the potential of the Taiwan market, though we mainly focus on developing countries. XREX has world-class blockchain intelligence and cybersecurity capabilities. We are willing to further cooperate with other crypto service providers, regulators, Ministry of Justice Investigation Bureau, and law enforcement agencies across jurisdictions to protect crypto users and fight against frauds and scams.”
XREX acquired Canada’s Money Service Business (MSB) license and is Financial Action Task Force’s (FATF) Travel Rule compliant. XREX partners with globally leading blockchain intelligence service providers, including Mastercard’s CipherTrace and JPMorgan’s portfolio TRM Labs.
In October 2021, XREX became one of the first Asia-based virtual asset firms to participate in the open-source Travel Rule Information Sharing Alliance (TRISA) program. XREX is in the process of applying to the Monetary Authority of Singapore (MAS) for a Major Payment Institution license and is studying licenses in Europe and Dubai.
XREX publishes articles and reports on security, compliance and regulations, including Virtual Assets in 2022: Is Crypto a Commodity, Currency, or Financial Product?, First suspicious Bitcoin transaction series detected, and Disclosing Nigerian Crypto Scam Group “Operation N-Fiverr”, etc.
At XREX, we welcome deeper and wider discussion about crypto and its innovation to redefine banking together.