A month ago, Huang Tien-mu, Chairman of the Financial Supervisory Commission (FSC) of Taiwan, confirmed that the top financial regulator on the island would oversee cryptocurrency regulation. Taiwan has two financial regulators: the Central Bank of the Republic of China, which handles foreign exchange regulations and monetary policy, and the FSC, which oversees a broader range of areas, including securities and futures, banking, and anti-money laundering. Today, the FSC Chairman clarified the commission’s stance.
Upcoming regulations to enable crypto services in Taiwan
By the end of the next quarter, the “Banking Industry Trading Crypto” regulations are expected to be released, allowing traditional banks in Taiwan to offer cryptocurrency trading services. In a translated version of Tien-mu’s statement, he expressed, “To be honest, I have many concerns about the intrinsic value of virtual assets… The norms will be introduced in September.”
It is important to note that Hong Kong’s Securities Futures Commission is also working on tightening regulatory measures and plans to release crypto exchange licensing guidelines in May 2023.
During a previous full legislative committee meeting, members inquired about the possibility of foreign crypto trading platforms being launched in Taiwan. The FSC clarified that for a trading platform to operate in Taiwan, it must be overseen by the commission. At present, around 27 domestic exchanges are under FSC guidance.
As for the prospect of listing these exchanges, Tien-mu stated that he has not considered it at this time and emphasized that the commission will move forward step by step.