24 cryptocurrency platforms, including the WOO Network, have received approval from Taiwan.
AML registration for WOO Network, one of the top 10 bitcoin trading platforms, has been approved by Taiwan’s financial authority.
The Financial Supervisory Commission (FSC) of the Taiwanese Banking Bureau has published a list of 24 registered virtual asset providers, or VASPs, which includes the bitcoin trading company as one of the outside applicants.
According to Ben Yorke, marketing vice president of WOO Network, the Financial Supervisory Commission (FSC) of the Banking Bureau of Taiwan informed the liquidity platform on Monday that it has registered.
Local exchanges Max Exchange and ACE are among the new platforms that have received approval, according to Yorke.
“This is a huge milestone for us,” says Jack Tan, founder and CEO of WOO Network, “as many foreign-owned enterprises want to service the Chinese-speaking market who are ready to diversify their portfolios.”
According to the release, the licence enables Woo Network to put AML compliance measures into effect in accordance with Taiwanese regulatory requirements. The platform is able to provide custody and trading services for cryptocurrencies in Taiwan as a result.
AML approval was necessary for the platform to find a banking partner, according to Chloe Tsai, head of legal at Woo Network. The cryptocurrency exchange will be able to offer trading of bitcoin for fiat as a result of this partnership.
The Woo network tweeted the announcement, calling it “a landmark result as $WOO X becomes the first foreign receiver of this approval.”
According to the local legal firm Enlighten Law Firm, Taiwan declared in 2018 that providers of virtual asset services must adhere to local anti-money laundering (AML) requirements and drafted pertinent legislation in conformity with FATF recommendations in April 2021.
Josh Tan claims that this choice gives them enough confidence in Taiwan’s regulators to believe that they are attempting to strike a balance between encouraging innovation and safeguarding users.
“We are able to offer deep liquidity and no transaction fees due to our cooperation with Kronos Research. We were able to upgrade our system and add new features in just one year of operation, which benefitted us.