A report from the Financial Supervisory Commission of Taiwan (FSC) issued on March 20 revealed that the formulation of the crypto regulatory framework is at its preliminary stage. The report stated that the FSC is tasked to oversee the operation of Taiwan’s crypto industry.
The chairperson of FSC, Huang Tien-mu, argued that his team plans to assume duties in reigning the crypto world in April. The FCS’ new role challenged Tien-mu to represent his proposal to the members of Parliament in Taiwan and update the progress of the proposed crypto regulations.
Nature of Taiwan’s Crypto Regulatory Framework
In his address, Tien-mu argued that the crypto regulations under development had integrated additional rules and policies to safeguard the consumer and investors in the digital space. The new law has outlined the investors’ protection measures.
Also, the regulators have adopted new techniques to classify the customers’ assets and company investments separately. Tien-mu confessed to working closely with Executive Yuan regulators to develop control of all crypto-related transactions in the Taiwan market.
Additionally, a review of the impending crypto laws demonstrates that some of the digital assets will be supervised by the FSC team. On the contrary, the Ministry of Digital Affairs regulators will monitor the non-fungible tokens (NFTs).
Importance of the New Crypto Regulation in Taiwan
According to the Executive Yuan requirements, the FSC team has been entitled to develop and implement crypto laws in Taiwan. The attempt to fulfill Executive Yuan’s orders has compelled the FSC team to expedite the adoption of the new crypto regulations.
The team behind the proposed crypto regulations has announced that the new rules will be released either at the end of March or early April. The FSC report coincides with the Taiwan and Chinese legislators’ efforts to resolve their political differences.
The Chinese regulators initially undermined Taiwan after announcing to take charge of the country. After launching the new crypto laws, Taiwan will join other pro-crypto countries, such as Hong Kong and El Salvador, to push for the widespread adoption of digital assets across the globe.
On the contrary, unfavorable Chinese crypto regulations have prompted the country to rank among the top anti-crypto states across the globe.