According to the Financial Supervisory Commission’s chairman, the island’s main financial authority will regulate Taiwan’s crypto industry.
A New Regulatory Announcement for Taiwan’s Crypto Industry
Taiwan’s crypto industry will soon enact specific legislation regulating cryptocurrencies, and its Financial Supervision Commission will be in charge. Huang Tien-mu confirmed this to Taiwan’s lawmakers at a hearing on global banking stability. Bloomberg initially reported, citing a congressional source, that the FSC should be announced as the regulator. Welcoming the news, XREX co-founder and CEO Wayne Huang said the industry can only grow if it is regulated.
“Our next steps would be for the virtual asset service provider industry to collaborate with the FSC to define regulatory operations. Due to the extendability and composability of NFTs, they can represent a broad spectrum of things ranging from commercial products to commodities to securities. Therefore the FSC likely needs more time to develop a proper set of NFT classification guidelines,” he explained.
Currently, Тaiwan has two financial regulators: the Central Bank of the Republic of China (Taiwan’s official name) and the FSC. The Central Bank regulates monetary policy and foreign exchange regulations, while the FSC has broad mandates on everything from banking, securities and futures regulation, to anti-money laundering. While some in Taiwan’s parliament called for the newly created Ministry of Digital Affairs (MODA) to become the top regulator of cryptocurrencies, others said the ministry had relatively little regulatory experience compared to the FSC.
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