Taiwan orders financial watchdog to take over crypto regulations
As reported by Forkast News, Taiwan’s Financial Supervisory Commission (FSC) was elected to take primary responsibility for crypto regulation on March 20.
According to Forkast News, the FSC’s new responsibilities do not include non-fungible tokens (NFTs).
Taiwan’s FSC chairman Huang Tianmu unofficially announces FSC’s new role, cited by local media outletHuang said the government has directed the FSC to oversee crypto trading and payments. Financial surveillance therefore begins with the crypto exchange platform.
According to Huang, the first task is to ensure that cryptocurrency exchanges segregate their assets from depositors. The FSC will also begin overseeing the exchange’s product listings and customer protection measures.
That said, as Huang pointed out, Watchdog will also assess the possibility of establishing a self-regulatory system for local crypto platforms.
Huang also added that the FSC will make an official announcement about its new responsibilities.
Taiwan is currently in the very early stages of creating crypto regulations. The country announced anti-money laundering regulations for cryptocurrency service providers in July 2021.
Being in the early stages of regulatory development paints a crypto-friendly portrait for Taiwan. Sora Venture co-founder Jason Fang discussed Taiwan’s welcoming regulatory environment in his exclusive interview. of crypto slate Liam Wright. Fang said he moved the company to Taiwan because it offers more flexible regulations, allowing him to explore and experiment with new ideas.
In the summer of 2022, the Central Bank of Taiwan announced that it has started working on a central bank digital currency (CBDC). However, the bank has not disclosed a target deadline for the currency’s launch.
The central bank chairman commented on the CBDC project, saying it is necessary for the young population. he said:
“We still have to move forward. After all, most of the young people of the future will be using mobile phones, so we have to think about the next generation.”