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News

Taiwan’s Crypto Industry Gets Government Approval

March 20, 2023 - Around 2 mins mins to read

Key Points:

  • The Financial Supervisory Commission (FSC) in Taiwan will soon be regulating cryptocurrency with the aid of special legislation, according to statements made by Huang Tien-mu during a hearing about global banking stability.
  • XREX’s CEO, Wayne Huang, commented on this, noting that due to the extendability and composability of NFTs, the FSC needs more time to develop proper NFT classification guidelines.
The Financial Supervisory Commission (FSC) in Taiwan will soon be regulating cryptocurrency with special legislation, according to statements made by Huang Tien-mu during a hearing about global banking stability.
Taiwans Crypto Industry Gets Government Approval

Bloomberg initially reported the FSC’s role as regulator, citing sources in the legislature. Huang stated that the regulation of the virtual asset service provider industry will be a collaborative effort with the FSC to establish a set of rules, with an industry self-regulatory body formed as one of the first steps. However, reports suggest that the FSC will not be regulating NFTs yet, as they are still emerging as an asset class.

XREX’s CEO, Wayne Huang, commented on this, noting that due to the extendability and composability of NFTs, the FSC needs more time to develop proper NFT classification guidelines. Taiwan has two financial regulators, with the Central Bank of the Republic of China responsible for regulating monetary policy and foreign exchange regulations, while the FSC oversees banking, securities and futures, and anti-money laundering.

Alex Liu, CEO of Maicoin, stated that finding a balance between experimentation and investor protection is crucial. There were calls for the newly-established Ministry of Digital Affairs (MODA) to be the chief crypto regulator, but some legislators argued that the Ministry lacks experience compared to the FSC. Liu compared the situation to militaries’ use of laser guns, stating that a new department of directed energy weapons would be needed to regulate them.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Crypto Industry

Financial Supervisory Commission

FSC

Taiwan

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Taiwan’s Crypto Industry Gets Government Approval

Key Points:

  • The Financial Supervisory Commission (FSC) in Taiwan will soon be regulating cryptocurrency with the aid of special legislation, according to statements made by Huang Tien-mu during a hearing about global banking stability.
  • XREX’s CEO, Wayne Huang, commented on this, noting that due to the extendability and composability of NFTs, the FSC needs more time to develop proper NFT classification guidelines.
The Financial Supervisory Commission (FSC) in Taiwan will soon be regulating cryptocurrency with special legislation, according to statements made by Huang Tien-mu during a hearing about global banking stability.
Taiwans Crypto Industry Gets Government Approval

Bloomberg initially reported the FSC’s role as regulator, citing sources in the legislature. Huang stated that the regulation of the virtual asset service provider industry will be a collaborative effort with the FSC to establish a set of rules, with an industry self-regulatory body formed as one of the first steps. However, reports suggest that the FSC will not be regulating NFTs yet, as they are still emerging as an asset class.

XREX’s CEO, Wayne Huang, commented on this, noting that due to the extendability and composability of NFTs, the FSC needs more time to develop proper NFT classification guidelines. Taiwan has two financial regulators, with the Central Bank of the Republic of China responsible for regulating monetary policy and foreign exchange regulations, while the FSC oversees banking, securities and futures, and anti-money laundering.

Alex Liu, CEO of Maicoin, stated that finding a balance between experimentation and investor protection is crucial. There were calls for the newly-established Ministry of Digital Affairs (MODA) to be the chief crypto regulator, but some legislators argued that the Ministry lacks experience compared to the FSC. Liu compared the situation to militaries’ use of laser guns, stating that a new department of directed energy weapons would be needed to regulate them.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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