Binance and Bitfinex recently attended a public hearing on virtual asset supervision held by Taiwanese legislator Guo Guowen. The public hearing was focused on the upcoming 'Financial Regulatory Commission Guiding Principles' set to be disclosed at the end of September.
The hearing was attended by representatives from several organizations, including the Digital Development Department, Legal Department, Police Department, and various industry players, scholars, and attorneys. The topics discussed ranged from regulatory compliance for Taiwanese companies and the establishment of a "Financial Technology Bureau" to the possibility of opening leveraged derivatives trading.
Binance representatives also presented anti-money laundering and regulatory compliance measures from various countries to relevant units. The Financial Supervisory Commission had previously revealed that Binance had submitted a statement regarding anti-money laundering measures in its efforts to establish in Taiwan.
Binance has registered "SEYCHELLES Co., Ltd." and "Binance International Limited Taiwan Branch (SEYCHELLES)" in Taiwan, while Bitfinex has a long-established company registered in Taiwan, "British Virgin Islands Merchant Affinis Co., Ltd." However, they are currently not included in the list of defense statements.
The appearance of representatives from Binance and Bitfinex at the hearing has caused surprise among industry players, with questions arising whether they should be classified as Taiwanese companies and placed under regulation by the country's regulatory body. The matter is expected to be further discussed in future hearings.
