Taiwan announces plans for crypto regulation

Taiwan plans to put the regulation of crypto under its financial watchdog, the Financial Supervisory Commission (FSC). However, non-fungible tokens (NFTs) and stablecoins will be regulated by different agencies.

According to Bloomberg, Taiwan is planning to announce the FSC as the crypto regulator by the end of the month. Additionally, the FSC and Taiwan’s cabinet are working with industry stakeholders to “formulate a concrete plan”.

Ministry of Digital Affairs may take charge of NFT

But, according to people familiar with the discussions, NFT regulation may come under the cabinet’s digital affairs ministry. While the central bank of Taiwan can regulate the stablecoin.

Ask for Exchange “Clarity”

Binance Holdings, Matrixport Technologies, and Woo Network LLC have jointly written to authorities asking for crypto regulation that provides “clarity” to businesses.

The letter reads, “From our observations, some markets that tried to regulate virtual assets under the existing financial rules and classifications faced great difficulty because of the lack of clarity in the rules and the lack of clarity among business operators, authorities and Was very confusing for customers.”

US regulators are in crypto crackdown mode, with ambiguity in regulatory policies confusing even businesses.

While neighboring Taiwan, Hong Kong aims to become a regional crypto hub with its strong regulatory framework. As a result, it has attracted businesses such as DBS Bank and Huobi Exchange.

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BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.

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