WOO Network, a leading crypto trading platform, has received approval from Taiwan’s financial regulator to register as an anti-money laundering (AML) organization. The Financial Supervisory Commission (FSC) of the Banking Bureau of Taiwan has released a list of 24 registered virtual asset providers, or VASPs, with the crypto trading firm being the only foreign applicant on the list.
Striking a Balance Between Supporting Innovation and User Protection
This acquisition is a significant milestone for WOO Network as many foreign-owned firms are looking to expand their operations in China-speaking regions. According to Jack Tan, the potential of Taiwan is immense due to its high per capita income and robust fin-tech sector. He stated:
“This decision gives us ample confidence that Taiwan regulators are trying to strike a balance between supporting innovation and protecting users,”
He also noted that the company’s main differentiator is its ability to provide zero fees on transactions and deep liquidity. Through its partnership with blockchain technology company Kronos Research, the company launched several new features and upgrades in just one year.
Based in New York, Kronos Research is a quantitative firm focusing on high-frequency and arbitrage trading. It also incubated WOO Network, a platform that enables professional traders to improve their liquidity.
Notably, since its launch, WOO X has experienced a significant total historical trading volume of over 240 billion USD. Some of its partners include Binance, Crypto.com, Avalanche, and NEAR.
Meanwhile, today’s live WOO token price is $0.150128, with a 24-hour trading volume of USD 18,543,038. WOO token is up 2.49% in the last 24 hours with a live market cap of $173,177,765.
Implementing and Complying to AML Measures
According to Chloe Tsai, the head of legal and AML at WOO Network, the company is fully compliant with the regulations in Taiwan regarding implementing the AML measures. That means it can now offer and issue cryptos and conduct various other activities related to the crypto industry, such as safekeeping and transfer.
The Financial Services Commission (FSC) document explains how businesses can be responsible for implementing the Money Laundering Prevention Act. These businesses must take the necessary steps to prevent money laundering and terrorism on their platforms.
“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. 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,”
For a long time, Taiwan’s financial sector has been heavily regulated due to its concerns about money laundering and terrorist financing. However, the government has started liberalizing these rules to encourage financial innovation and turn the country into a financial tech hub.
With its recent approvals, Taiwan has a good chance of achieving its goal in the face of tightening crypto regulation in neighboring countries.