Taiwan will adopt specific legislation that will give the local Financial Conduct Commission (FSC) a mandate to regulate cryptocurrencies. The information was confirmed by the head of the department, Huang Tenmu, writes Bloomberg.
In conversation with CoinDesk Wayne Huang, co-founder and CEO of the XREX platform, welcomed the imminent regulatory clarity. According to him, industry participants can join forces to help FSC develop a set of rules.
The principles of the document are expected by June, the draft law – within the next months.
The impetus for the initiative could have been the collapse of FTX – local residents in relative terms turned out to be the largest users of the platform.
Previously, the island took a neutral approach to digital assets, requiring only crypto exchanges to comply AML– rules.
The FSC will focus on regulating payments and trade-related virtual assets, Huang said, with the cabinet handing over the rest to other government departments. In particular, stablecoins may fall under the responsibility of the central bank.
The Commission will not regulate NFTs due to their “immature nature as an asset class,” XREX’s CEO said.
“Due to extensibility and composability, non-fungible tokens can represent a wide range of things, from commercial products to commodities and securities,” Wayne explained.
Recall that in July 2022, FSC sent a letter to the banking association with a demand to ban the use of credit cards to pay for digital assets.
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Taiwan will adopt specific legislation that will give the local Financial Conduct Commission (FSC) a mandate to regulate cryptocurrencies. The information was confirmed by the head of the department, Huang Tenmu, writes Bloomberg.
In conversation with CoinDesk Wayne Huang, co-founder and CEO of the XREX platform, welcomed the imminent regulatory clarity. According to him, industry participants can join forces to help FSC develop a set of rules.
The principles of the document are expected by June, the draft law – within the next months.
The impetus for the initiative could have been the collapse of FTX – local residents in relative terms turned out to be the largest users of the platform.
Previously, the island took a neutral approach to digital assets, requiring only crypto exchanges to comply AML– rules.
The FSC will focus on regulating payments and trade-related virtual assets, Huang said, with the cabinet handing over the rest to other government departments. In particular, stablecoins may fall under the responsibility of the central bank.
The Commission will not regulate NFTs due to their “immature nature as an asset class,” XREX’s CEO said.
“Due to extensibility and composability, non-fungible tokens can represent a wide range of things, from commercial products to commodities and securities,” Wayne explained.
Recall that in July 2022, FSC sent a letter to the banking association with a demand to ban the use of credit cards to pay for digital assets.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
