Taiwan to add crypto to financial watchdog’s remit

The regulator plans to form “an industry self-regulatory body” to establish and develop “a set of rules” in the country.

Taiwan lawmakers are set to name the Financial Supervisory Commission of Taiwan (FSC) as its financial watchdog for cryptocurrency.

The announcement was confirmed by FSC chairman Huang Tien-mu who said the change will come no later than the start of April, appointing the FSC as the primary cryptocurrency regulator.

Reports say the FSC will not regulate NFTs because digital collectables are seen as “emerging as an asset class” and therefore “too early” to regulate.

“Due to the extendibility and composability of NFTs, they can represent a broad spectrum of things ranging from commercial products to commodities to securities. Therefore the FSC likely needs more time to develop a proper set of NFT classification guidelines”, said Huang.

Being one of the most significant users of the crypto exchange FTX, Taiwan has hastened its regulatory plans after the company declared itself bankrupt.

“The industry can only grow when regulated”, said Wayne Huang, the chief executive of Taipei-based blockchain fintech Xrex.

“Our next steps would be for the virtual asset service provider industry to collaborate with the FSC to define regulatory operations.”

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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