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.

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.

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