Taiwan Financial Regulator ‘To Oversee Crypto’

Taiwan’s Financial Supervisory Commission (FSC) is to oversee crypto assets on the island, the head of the body said on Monday.

The FSC will initially be responsible for supervising crypto payments and transactions but will not address non-fungible tokens (NFTs), which are still emerging as an asset class, Huang Tien-mu told lawmakers in parliament at a hearing about global banking and stability.

Huang said legislation devoted to crypto regulation could be considered at a later date and that it was still “way too early” to consider such an option, according to local and international media reports.

Taiwan’s Central News Agency reported on Sunday that an official announcement naming the FSC as the crypto regulator could come by the end of March.

‘Self-regulation’

Huang said the FSC would follow the cabinet’s instructions on the next steps, adding that the FSC would work with industry participants on “self-regulation measures”.

The initial moves to establish an official regulator for crypto follow the spectacular collapse of exchange FTX late last year, as Taiwanese citizens formed one of the most numerous of the exchange’s users.

Until now the island has taken a more hands-off approach than neighbors such as Hong Kong and Singapore, which are both pushing ahead with rules governing digital assets.

Crackdown

The FSC currently only requires crypto platforms to register domestically under anti-money laundering requirements.

The US, the EU, the UK and other governments are also bringing in measures to oversee the largely unregulated crypto industry.

Volatility in the cryptocurrency industry contributed to the collapse of several US banks earlier this month, notably Silicon Valley Bank.

Matthew Broersma

Matt Broersma is a long standing tech freelance, who has worked for Ziff-Davis, ZDnet and other leading publications

Recent Posts

AT&T Admits Data Breach Impacted “Nearly All” Customers

American telecommunications giant AT&T admits that “nearly all” customer accounts were compromised in 2022 breach

9 hours ago

Elon Musk’s X Breached DSA Rules, EU Finds

X's Blue checks 'used to mean trustworthy sources of information. Now our preliminary view is…

13 hours ago

Japan’s SoftBank Acquires AI Chip Start-up Graphcore

SoftBank Group has purchased another British chip firm, with the acquisition of Bristol-based Graphcore Ltd…

14 hours ago

Samsung AI-Upgraded Bixby Voice Assistant Coming This Year

Samsung reportedly confirms it will launch the upgraded voice assistant Bixby this year, that will…

1 day ago

Next Neuralink Brain Implant Coming Soon, Says Musk

Despite an issue with first Neuralink implant in a patient, Elon Musk says second brain…

1 day ago

EU Accepts Apple’s Legal Commitments To Open NFC Access

Legal commitment over Apple's NFC-based mobile payments system, which is to be opened to rival…

1 day ago