According to the president of the authority, the Financial Supervisory Commission of Taiwan (FSC) will take over as the principal regulator of cryptocurrencies throughout the island nation.
According to the local United Daily News, the head of the Financial Supervisory Commission (FSC), Huang Tien-mu, made the announcement that the regulator would acquire supervisory responsibility over the cryptocurrency market in Taiwan.
On March 20, Huang gave a speech about the regulation of cryptocurrencies in the Republic of China before the Legislative Yuan in Taiwan (ROC). He said that the new crypto regulatory framework that will be implemented by the FSC would contain key laws and policies, such as the partitioning of consumer assets from corporate money and the implementation of investor protection procedures.
According to the source, the nation’s top administrative authority, known as the Executive Yuan, has given the Financial Supervisory Commission (FSC) the mandate to monitor payments and transactions in the cryptocurrency market at this time. Huang emphasized that other industry-related assets, such as nonfungible tokens (NFTs), may not come under the regulation of the Financial Stability Commission.
Huang also said that the Financial Supervisory Commission (FSC) will first focus a lot of emphasis on the concepts of self-regulation in the cryptocurrency market in Taiwan. The official continued by saying that the authority will act in accordance with the directives provided by the Executive Yuan.
According to a report that was published by Taiwan’s Central News Agency, Taiwanese legislators anticipate developing and approving an appropriate crypto legal framework by the end of March or at the earliest by the month of April. According to reports, the goal of the present preliminary plan is to place the oversight of the regulation of NFTs within the authority of the Ministry of Digital Affairs.
The announcement comes at a time when Taiwan is experiencing persistent tensions with China. The Chinese government views Taiwan as a renegade province, and it has pledged to bring Taiwan under its rule. China, which has emerged as a significant anti-crypto nation, will implement a total ban on crypto in 2021, in contrast to other jurisdictions in the Asia-Pacific area, such as Hong Kong or Singapore, which are crypto-friendly.