Taiwan watchdog FSC to assume authority on crypto regulation

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The Finan­cial Super­vi­so­ry Com­mis­sion of Tai­wan (FSC) will become the pri­ma­ry reg­u­la­tor of cryp­tocur­ren­cies in the island coun­try, accord­ing to the head of the authority.

FSC chair­man Huang Tien-mu has announced that the reg­u­la­tor will assume super­vi­so­ry author­i­ty over the cryp­to indus­try in Tai­wan, the local Unit­ed Dai­ly News report­ed.

Huang addressed Taiwan’s par­lia­ment, the Leg­isla­tive Yuan, on March 20 regard­ing the reg­u­la­tion of cryp­tocur­ren­cies in the Repub­lic of Chi­na (ROC). He point­ed out that the FSC’s upcom­ing cryp­to reg­u­la­to­ry frame­work will include major rules and poli­cies, includ­ing the sep­a­ra­tion of cus­tomer assets from com­pa­ny funds and investor pro­tec­tion practices.

The offi­cial spec­i­fied that the FSC is cur­rent­ly instruct­ed by the nation’s high­est admin­is­tra­tive body — the Exec­u­tive Yuan — to super­vise pay­ments and trans­ac­tions in the cryp­to mar­ket. Huang stressed that oth­er indus­try-relat­ed assets, like non­fun­gi­ble tokens (NFTs), may not fall under FSC’s supervision.

FSC chair­man Huang Tien-mu. Source: Unit­ed Dai­ly News

Huang also not­ed that the FSC would ini­tial­ly pay spe­cial atten­tion to self-reg­u­la­tion prin­ci­ples in the cryp­tocur­ren­cy indus­try in Tai­wan. The offi­cial added that the author­i­ty would fol­low the instruc­tions of the Exec­u­tive Yuan.

Relat­ed: Chi­na announces plans for new nation­al finan­cial regulator

Accord­ing to a report by Taiwan’s Cen­tral News Agency, Tai­wanese law­mak­ers expect to devel­op and approve a rel­e­vant cryp­to reg­u­la­to­ry frame­work by the end of March or April at the ear­li­est. The cur­rent pre­lim­i­nary plan report­ed­ly aims to put the reg­u­la­tion of NFTs under the super­vi­sion of the Min­istry of Dig­i­tal Affairs.

The news comes amid Tai­wan fac­ing ongo­ing ten­sions with Chi­na, with the Chi­nese gov­ern­ment con­sid­er­ing Tai­wan as a break­away province, which it vowed to place under its con­trol. Unlike some cryp­to-friend­ly juris­dic­tions in the Asia-Pacif­ic region, such as Hong Kong or Sin­ga­pore, Chi­na has emerged as a major anti-cryp­to coun­try, plac­ing a blan­ket ban on cryp­to in 2021.

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