Taiwan watchdog FSC to assume authority on crypto regulation
1 min read
The Financial Supervisory Commission of Taiwan (FSC) will become the primary regulator of cryptocurrencies in the island country, according to the head of the authority.
FSC chairman Huang Tien-mu has announced that the regulator will assume supervisory authority over the crypto industry in Taiwan, the local United Daily News
According to a report by Taiwan’s Central News Agency, Taiwanese lawmakers expect to develop and approve a relevant crypto regulatory framework by the end of March or April at the earliest. The current preliminary plan reportedly aims to put the regulation of NFTs under the supervision of the Ministry of Digital Affairs.
The news comes amid Taiwan facing ongoing tensions with China, with the Chinese government considering Taiwan as a breakaway province, which it vowed to place under its control. Unlike some crypto-friendly jurisdictions in the Asia-Pacific region, such as Hong Kong or Singapore, China has emerged as a major anti-crypto country, placing a blanket ban on crypto in 2021.
