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Taiwan’s traditional banks to offer crypto trading services

Taiwan's traditional banks set to offer crypto trading services

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TL;DR

  • Traditional banks in Taiwan will offer crypto trading services, according to Taiwan’s Financial Supervisory Commission (FSC),
  • There are approximately 27 domestic exchanges operating under the FSC’s guidance.

Huang Tien-mu, the Chairman of Taiwan’s Financial Supervisory Commission (FSC), confirmed a month ago that the top financial regulator would be responsible for overseeing cryptocurrency regulation on the island. Taiwan has two financial regulators: the Central Bank of the Republic of China, which handles foreign exchange regulations and monetary policy, and the FSC, which covers a wider range of areas, including securities and futures, banking, and anti-money laundering. The FSC Chairman has now provided further details on the commission’s position.

New regulations pave the way for crypto services

The forthcoming “Banking Industry Trading Crypto” regulations are set to be released by the end of the next quarter, enabling traditional banks in Taiwan to offer cryptocurrency trading services. Tien-mu voiced his concerns in a translated statement, saying, “I must admit, I have many reservations about the inherent value of virtual assets… The rules will be established in September.”

It’s worth noting that Hong Kong’s Securities Futures Commission is tightening its regulatory approach, with plans to launch crypto exchange licensing guidelines in May 2023.

In a previous full legislative committee meeting, members raised questions about the potential launch of foreign crypto trading platforms in Taiwan. The FSC responded by stating that the commission must manage any trading platform seeking to do business in Taiwan.

Currently, there are approximately 27 domestic exchanges operating under the FSC’s guidance. Regarding the prospect of listing these exchanges, Tien-mu said he has not yet considered the idea and emphasized that the commission would proceed with it.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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