- Residents will be able to buy crypto from cards
- Until then, they will not allow exchanges to list
- They also do not approve the application of DBS Bank
Taiwan Financial Supervision Commission confirmed, which will become the main regulator of cryptocurrency in the country. In September, they will publish the document “Buying and Selling Cryptocurrencies in Banking”. It will allow traditional banks to provide tools for cryptocurrency trading. Also, the government of Taiwan instructed to create a common regulatory framework for the blockchain industry.
Until September, Taiwan will not allow banks to cooperate with crypto exchanges and provide crypto services in the country. Previously, such an application was submitted by the largest Singaporean bank DBS Group. Companies will have to wait another couple of months before they are allowed to issue a license.
In July 2022, the Financial Supervision Commission issued a note to the banking industry. It stated that they should not provide virtual asset providers (VASPs) with the status of merchants in transactions with credit card holders. That is, it essentially made it impossible to buy cryptocurrency with a credit card.
When the FTX bankruptcy happened, it caused a stir around the world, especially when it comes to crypto regulation. But Taiwan took this as a sign that a new set of rules needed to be adopted urgently.
Currently, 27 exchanges operate under the direction of the Financial Supervision Commission. Which brands these are is not specified in the press release.