Key Takeaways:
- Woo Network’s anti-money laundering (AML) approval implies the company can seek a banking partner in Taiwan to facilitate crypto-to-fiat trade.
- Taiwan’s regulators have recognised the platform as the first international exchange to get AML approval.
AML registration for WOO Network, one of the top 10 cryptocurrency trading platforms, has been approved by Taiwan’s financial watchdog.
The Financial Supervisory Commission (FSC) of the Banking Bureau of Taiwan has released a list of 24 registered virtual asset providers, or VASPs, including the cryptocurrency trading company as one of the overseas applicants.
According to WOO Network’s Marketing Vice President Ben Yorke, 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 other platforms that have been approved, according to Yorke.
As per Jack Tan, founder and CEO of WOO Network, “This is a significant milestone for us as many foreign-owned businesses aim to serve the Chinese-speaking market who are eager to diversify their portfolios.”
According to the release, the licence allows Woo Network to undertake AML compliance measures in accordance with Taiwanese regulatory requirements. The platform can thus provide custody and trading services for cryptocurrencies in Taiwan.
The platform getting a banking partner was dependent on receiving AML approval, according to Chloe Tsai, head of legal for Woo Network.
The cryptocurrency exchange will be able to offer bitcoin to fiat trading thanks to this agreement.
“A landmark result as $WOO X becomes the first international receiver of this approval,” the Woo network tweeted to announce the news.
According to the local legal firm Enlighten Law Firm, Taiwan determined in 2018 that suppliers of virtual assets services must adhere to local anti-money laundering (AML) regulations and drafted pertinent rules in compliance with FATF recommendations in April 2021.
According to Josh Tan, this decision provides them with enough assurance that Taiwan’s regulators are attempting to find a balance between encouraging innovation and safeguarding users.
“Because of our partnership with Kronos Research, we are able to offer deep liquidity and no transaction fees. In just one year of operations, we were able to add new features and enhance our system simultaneously, which helped us rank among the top 10 cryptocurrency trading platforms” he emphasised.
Over 240 billion USD have been traded on WOO X historically so far. Avalanche, Binance, Crypto.com, Cardano, and NEAR are just a few of the more than 20 partners that WOO Network has.
Chloe Tsai, the Head of Legal and AML at WOO Network, said that the responsibility for carrying out the rules rests with the exchanges that have been successful in registering with the FSC. Thus, they can provide cryptocurrency trading services to users in Taiwan.
Taiwan recently made headlines when the Financial Supervisory Commission (FSC), Taiwan’s security authority, announced that credit card transactions involving cryptocurrencies would be prohibited in the nation.
In a letter sent earlier this month to the local banking association, the FSC demanded that credit card firms not offer “merchant status” to producers of virtual assets.
The financial watchdog added that credit cards are mostly used for consumer payments and not for investing, managing money, or as a means of payment for highly speculative, risky, and leveraged financial transactions.
