Taiwan Approves 24 Crypto Platforms, Including WOO Network, for AML Compliance

Taipei is bringing crypto into its regulatory fold.

AccessTimeIconSep 8, 2022 at 12:07 p.m. UTC
Updated Sep 8, 2022 at 3:46 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Fintech startup WOO Network was among the first 24 crypto platforms to be registered under Taiwan's Money Laundering Control Act, the firm said on Thursday.

The liquidity platform received notice of its registration on Monday from Financial Supervisory Commission (FSC) of the Banking Bureau of Taiwan, WOO Network's Marketing Vice President Ben Yorke told CoinDesk. Other platforms that received approval include local exchanges Max Exchange and ACE, Yorke said.

“This is an important milestone for us as many foreign-owned firms are seeking to serve the Chinese-speaking market who are looking to diversify their portfolios," said Jack Tan, founder and CEO of WOO Network, in a press release shared with CoinDesk.

Taiwan declared that virtual assets services providers must comply with local anti-money laundering (AML) regulations in 2018, and drafted relevant rules in line with guidance from the global Financial Action Task Force in April 2021, according to local law office Enlighten Law Firm.

The exchanges that have successfully registered with the FSC are entrusted with implementing the regulations, according to WOO Network's Head of Legal and AML Chloe Tsai. They can thus offer crypto trading services to Taiwanese users.

“One of the requirements for us is to create an independent Taiwan app to house all Taiwanese users. On our Taiwan app, users cannot access futures/margin" trading, explained Tsai.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.