#Binance

🚀 Binance Global CEO Visits CIEL｜In-Depth Dialogue on Virtual Asset Regulation

🥇 Richard Teng, CEO of Binance, the world’s largest virtual asset exchange, along with Asia-Pacific team members Damien Ho and Ken Chien, visited the Center for Innovation and Enterprise Law (CIEL). They engaged in an in-depth discussion with CIEL Deputy Directors Prof. Yueh-Ping (Alex) Yang, Prof. Chao-Hung Chen, and Prof. Kai-Ping Su on topics including international trends in virtual asset regulation, Taiwan’s regulatory developments, and legal compliance for virtual asset service providers (VASPs).

Binance and CIEL exchanged views on the progress of Taiwan’s draft Virtual Asset Service Act, sharing perspectives on the transition from registration to licensing regimes for VASPs, capital requirements, cybersecurity, and anti-money laundering mechanisms. The discussion also covered regulatory approaches for offshore VASPs entering the Taiwan market, as well as potential criminal risks associated with marketing via local finfluencers or key opinion leaders (KOLs).

In addition, the dialogue touched on crime prevention issues, including how money laundering and fraud affect virtual asset regulation. Binance and CIEL shared insights into the practical challenges that may arise from implementing the Travel Rule, particularly the need for adequate data-sharing infrastructure, and discussed possible supervisory directions. Binance also shared its observations on the unique characteristics and potential of Taiwan’s virtual asset market.

We sincerely thank the Binance team for their visit. CIEL remains committed to advancing legal frameworks in the fields of virtual assets and financial technology. Through ongoing dialogue with global industry leaders, we aim to help Taiwan develop a market ecosystem that balances innovation, resilience, and the rule of law, enhancing its international competitiveness and trustworthiness. 💡