Regulation News

Breaking: Republic Of China Announces Crypto Regulatory Body

Lawmakers aim to increase oversight of the crypto industry in Taiwan or the Republic of China by naming a regulatory body.
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Breaking: Republic Of China Announces Crypto Regulatory Body

Taiwan, officially the Republic of China, on Monday announced its top financial regulator as the main body to oversee the crypto industry in the country amid the greater demand to regulate crypto.

Huang Tien-mu, the Chairman of the Financial Supervisory Commission, said the financial regulator will oversee the crypto payments and transactions initially. The confirmation of the official announcement on naming the financial regulator as the crypto regulatory body could come as early as March end.

Taiwan’s cabinet and the Financial Supervisory Commission (FSC) are in discussion with other government departments to work on efficient regulation of crypto, reported Reuters on March 20. Also, the FSC will work with industry representatives on “self-regulation measures.”

However, NFTs or “non-fungible tokens” will not come under its crypto regulatory oversight. As per local media, NFTs are still emerging as an asset class and would be regulated later if required.

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Crypto Industry Calls For Crypto-Friendly Regulations in Taiwan

While other countries in the region taking an active stance, Taiwan will be looking to increase oversight on the industry. Singapore proposed tighter rules on retail crypto trading, while Hong Kong aims for crypto-friendly rules to evolve into a crypto hub.

Crypto companies including exchanges are calling for crypto-friendly regulations in the country. Binance Holdings, Matrixport Technologies, and Woo Network LLC sent a joint paper on Saturday urging regulators for more friendly regulation that provides clarity for companies operating in Taiwan.

“From our observations, some markets that tried to regulate virtual assets under existing financial rules and categorizations experienced great difficulty as the rules lacked clarity and made it very confusing for business operators, authorities and customers.”

Crypto exchanges providing virtual asset trading services will be the first to be regulated under the FSC. The FSC’s Banking Bureau is working on regulatory changes and consulting with crypto exchange operators on crypto regulations.

Taiwan had earlier taken a strict approach toward crypto. Last year, the country banned credit card use for crypto purchases due to risks associated with virtual assets. Credit cards are also prohibited for stocks, futures, options, online gambling, and other transactions. The country witnessed increased crypto activity after China’s crypto crackdown in 2021.

Also Read: Bitcoin (BTC) Price Climbs Past $28,000 For the First Time In Nine Months, Bull Party Started?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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