According to the president of the body, the Financial Supervisory Commission of Taiwan (FSC) would assume responsibility as regulator of cryptocurrencies in the island nation.
According to the United Daily News, FSC chairman Huang Tien-mu has announced that the agency will assume supervisory responsibility over the crypto industry in Taiwan.
Huang addressed the Legislative Yuan of Taiwan on March 20 regarding the regulation of cryptocurrencies in the People’s Republic of China (ROC). He noted that the FSC’s forthcoming crypto regulatory framework will include significant laws and policies, such as the segregation of customer assets from corporate funds and investor protection procedures.
The official explained that the nation’s top administrative body, the Executive Yuan, has authorized the FSC to oversee payments and transactions on the cryptocurrency market. Huang emphasized that other industry-related assets, like as nonfungible tokens (NFTs), might not be subject to FSC oversight.
Huang added that the FSC would initially prioritize self-regulation principles in the Taiwanese bitcoin market. The official stated that the authority would adhere to Executive Yuan’s directives.
According to a report by Taiwan’s Central News Agency, Taiwanese legislators anticipate developing and approving a necessary crypto-legal framework as early as the end of March or the beginning of April. The present tentative plan apparently seeks to place the oversight of NFT regulation under the Ministry of Digital Affairs.
The announcement comes amid continued tensions between Taiwan and China, with the Chinese government viewing Taiwan as a separatist province that it has promised to rule.
In contrast to crypto-friendly countries in the Asia-Pacific area, such as Hong Kong and Singapore, China has emerged as a major anti-crypto nation, with a 2021 crypto prohibition.
