Woo Network announced that it has received anti-money laundering (AML) regulatory approval in Taiwan.
For the crypto sector, which continues its development, there are no clear regulations in most of the countries. Companies and countries working on crypto are making agreements to expand activities.
Woo Network Becomes First Foreign Exchange to Get Regulatory Approval in Taiwan
Cryptocurrency exchange Woo Network has announced that it has received anti-money laundering (AML) regulatory approval in Taiwan. With the approval, the exchange became the first foreign exchange to receive AML approval from Taiwan authorities.
The approval enables Woo Network to implement AML compliance measures in accordance with regulatory provisions in Taiwan, according to the announcement. The platform will thus be able to offer crypto trading and custody services in Taiwan. It was also stated that the crypto exchange is the only foreign platform to receive AML approval from Taiwan’s financial regulator.
Chloe Tsai, Woo Network’s chief legal officer, stated that AML approval is a precursor to the platform that secures a banking partner. This partnership will demonstrate that the crypto exchange can offer cryptocurrency to fiat trading. Woo Network founder Jack Tan described the regulatory approval as an important milestone.
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