Taiwan Puts Bitcoin ETF under Watch; People to Resume Buying Overseas ETF?
Highlights
- The Financial Supervisory Commission (FSC) of Taiwan will keep Bitcoin ETFs under supervision to assess their potential and public demand.
- The Taiwanese regulator will release the research findings regarding the use of Bitcoin ETF in April.
- The Taiwanese regulatory body has also announced to revise the draft for digital asset rules.
In Taiwan, where new legislation is about to be proposed by the government and regulators, Bitcoin ETF may become increasingly prevalent. According to a translated version of local media reports, The Financial Supervisory Commission (FSC) of Taiwan will keep Bitcoin ETFs under supervision to assess their potential and public demand. The FSC eventually plans to release research based on these findings in April to finally decide the future of Bitcoin ETFs. If positive, Taiwanese people will be able to resume buying overseas Bitcoin ETFs due to this decision.
Taiwan to Likely Make Bitcoin ETFs Mainstream
The Taiwanese regulator will release the research findings regarding the use of Bitcoin ETF in April. By doing this, Taiwanese investors will have more options for investments and the market will be more diverse. The research initiative also comes at a time when the worldwide demand for Bitcoin ETFs has been at an all-time high. The market saw exceptionally high-risk appetites and huge demand for Bitcoin ETFs last week. This has also pushed the prices for the OG-crypto currency to hit the much-awaited $65K mark.
In Taiwan, there are currently roughly ten currency traders who specialize in virtual currency transactions. The regulator urged investors to protect their own money and stay out of fraud traps by staying away from unregulated foreign investment platforms.
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Taiwan to also Set New Digital Asset Laws
Apart from keeping a potential Bitcoin ETF overseas trade in the pipeline, the Taiwanese regulatory body has also announced to revise the draft for digital asset rules. According to the same local media reports, in September 2024, the FSC intends to submit a revised draft of digital asset rules.
According to Huang Tianmu, in September of this year, the Financial Supervisory Commission intends to submit a draft bill aimed at virtual currencies. This measure aims to protect investor safety and regulate the virtual currency business more successfully. Huang Tianmu also brought up the problem of utilizing virtual money to perpetrate fraud, warning that both domestic and foreign currency dealers would face severe administrative penalties if found guilty of the same.
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