The Financial Supervisory Commission (FSC) of Taiwan has announced that it will be assuming authority over cryptocurrency regulation in the country. This decision follows a string of similar regulatory moves from other countries as the digital asset market continues to grow.
The FSC’s new role will involve monitoring and enforcing regulations related to the trading. Nevertheless, also use of cryptocurrencies, with a particular focus on protecting investors and preventing any kind of financial malpractice.
The Financial Supervisory Commission (FSC) of Taiwan, chaired by Huang Tien-mu, recently divulged plans to monitor the growing cryptocurrency industry in the region. According to a report from the United Daily News, the FSC will be assuming regulatory authority over virtual currency and related activities in Taiwan.
On March 20, the Minister of Financial Supervisory Commission (FSC) in Taiwan, Huang Tsung-te, addressed the Legislative Yuan – Taiwan’s parliament – to discuss the government’s plans for regulating cryptocurrencies in the Republic of China (ROC).
He highlighted that the FSC’s regulatory framework for cryptocurrencies will incorporate a range of crucial regulations. Above all also work on policies, such as ensuring customers’ assets are kept separate from company funds. Above all also introduce measures to protect investors. These measures will be essential to ensure a safe and secure cryptocurrency ecosystem.
This shift in responsibility has come about as a result of recent developments in the cryptocurrency market. However, it has necessitated more stringent regulatory oversight.
The FSC is well-positioned to assume this new role. However, having previously taken action against illegal activities related to cryptocurrencies on multiple occasions. With this latest move, Taiwan is joining several other nations in taking a proactive approach towards regulating the crypto industry.
Taiwanese working to improve crypto regulatory
According to a report by Taiwan’s Central News Agency, Taiwanese lawmakers are working diligently towards developing and approving a comprehensive crypto regulatory framework.
All is to be attained by the end of March or April at the earliest. This plan, currently in its preliminary stages, seeks to place the regulation of NFTs under the auspices of the Ministry of Digital Affairs.
The proposed framework is expected to provide legal clarity for participants. In addition, create an environment that encourages innovation and investment in the sector. It will also aim to protect investors from fraud and other related risks associated with digital currencies. Additionally, the new framework will help pave the way for more widespread adoption of digital assets across Taiwan and beyond.
