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.