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TAIPEI, Sept. 8, 2022 /PRNewswire/ — WOO Network, a high 10 crypto buying and selling platform, has secured approval of its anti-money laundering (AML) registration utility with Taiwan’s monetary regulator.
The crypto buying and selling agency is the one international applicant that’s included in an inventory of 24 registered digital asset suppliers or VASPs launched by the Financial Supervisory Commission (FSC) of the Banking Bureau of Taiwan.
“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. Taiwan’s potential on its own is huge given its high per capita income and fin-tech-savviness,” stated Jack Tan, founder and CEO of WOO Network.
“This decision gives us ample confidence that Taiwan regulators are trying to strike a balance between supporting innovation and protecting users,” Tan famous.
“Our key differentiator is that we can provide deep liquidity and zero fees on transactions, thanks to our partner, Kronos Research. Simultaneously, we are able to launch new features and implement upgrades with our system – all of these allowed us to be on the top 10 crypto trading platforms in just one year of operations,” he highlighted.
Kronos Research is a cryptocurrency quantitative buying and selling agency that focuses on arbitrage and high-frequency buying and selling. The quant buying and selling agency incubated WOO Network to offer skilled merchants and exchanges with improved liquidity.
To date, the overall historic buying and selling quantity on WOO X is over 240 billion USD. WOO Network has greater than 20 companions together with Avalanche, Binance, Crypto.com, Cardano, and NEAR.
Taiwan approval particulars
“In general, the approval that we obtained means that we are fully compliant with implementing the AML measures, as stipulated by Taiwan law. It allows us to engage in: crypto to fiat exchange; crypto to crypto exchange; transfer of cryptocurrencies; safekeeping or administration of cryptocurrencies; and offering and issuance of cryptocurrencies,” stated Chloe Tsai, Head of Legal and AML at WOO Network.
According to the FSC doc, companies which have accomplished the declaration of compliance with the Money Laundering Prevention Act are chargeable for the implementation of the Money Laundering Prevention Act on their behalf. Those who obtained the approval are to take measures to stop cash laundering and fight terrorism on their digital foreign money platforms and buying and selling business.
“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, while all FE and BE are separated from our global app,” defined Tsai.
“We are also taking big steps to allow our platform to engage in crypto to fiat exchange starting with one of the big local banks in Taiwan, and hopefully soon with other banks,” stated Tsai.
For many a long time, Taiwan’s monetary sector is highly-regulated as it’s cautious of the influx of capital associated to cash laundering. However, the federal government has just lately relaxed its guidelines in a bid to spur monetary innovation and switch Taiwan right into a fin-tech hub.
With its neighboring nations seeking to tighten their guidelines on crypto, Taiwan has a great probability of attaining its purpose with its latest approvals.
About WOO Network
WOO X is a buying and selling platform for skilled merchants, that includes totally customizable modules, and decrease to zero-fee buying and selling full with deep liquidity sourced from the WOO Network, which connects merchants, exchanges, establishments, and DeFi platforms. The WOO Token is used within the community’s CeFi and DeFi merchandise for staking and payment reductions. WOO Network was incubated by Kronos Research, a multi-strategy buying and selling agency that focuses on market making, arbitrage, CTA, and high-frequency buying and selling (HFT), averaging round $5-10 billion of each day buying and selling quantity on world cryptocurrency exchanges.
