Regulatory Alerts2005-03-04
Added · Updated
Regulations Governing the Establishment and Administration of Foreign Currency Exchange Bureaus
The Bank of the Republic of China (Taiwan) delegates the Bank of Taiwan to handle administrative affairs regarding the approval and withdrawal of foreign currency exchange bureaus. Eligible entities, including tourist hotels, travel agencies, and stores in remote areas, may apply for licenses to conduct foreign currency exchange if their operations require it. Licensees must display combined Chinese and English identification signs, set exchange rates with reference to authorized banks, post the NT$/US$ rate, and sell foreign currencies to authorized banks. Additionally, bureaus must submit quarterly transaction reports by the 15th day of the month following each quarter's end, and the Bank of Taiwan may revoke licenses for serious violations or inactivity over three successive years.
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