Taiwan's Financial Supervisory Commission Chairman Huang Tien-mu announced that the country will establish new regulations to supervise and regulate the cryptocurrency industry next September.
Amid Hong Kong’s push to lead the cryptocurrency and digital asset industry, regulators in Taiwan are also expressing interest in becoming a favorable jurisdiction for the development of this asset class.
Huang Tien-mu, who was appointed chairman of Taiwan's Financial Supervisory Commission in May 2020, reported that the country is working on creating a new regulatory framework applicable to cryptocurrencies, which will be published in the third quarter of this year.
Through this regulatory framework, Taiwan seeks to catch up with cryptocurrency regulation to offer protection to the growing number of young people and investors entering the crypto world.
In Asia, regulators are turning towards building a regulatory environment more friendly to the development of the crypto industry.
As noted by marketing specialist and Web3 enthusiast Abhinav Kumar, unlike the United States, the region of East Asia wants to attract crypto entrepreneurs to establish the world's leading crypto innovation hubs.
FSC to regulate cryptocurrencies in Taiwan
The Financial Supervisory Commission (FSC) is the organization that will oversee the cryptocurrency industry in Taiwan, Tien-mu confirmed last month.
As a crypto regulator, the FSC will oversee transactions and trading activity involving crypto assets. The Taiwanese financial regulator will also be responsible for enforcing securities laws, where applicable, and anti-money laundering regulations in the industry.
Regarding cryptocurrency exchanges, the FSC chairman noted that Taiwan is not currently considering listing exchanges that have registered in the country. However, he clarified that this is an issue that will be gradually evaluated in the future.
To date, In Taiwan, a total of 27 cryptocurrency exchanges and trading platforms have been registered and are under the supervision of the FSC. and must comply with the AML regulations established in the country and the international standards of the FATF.
Regarding the provision of cryptocurrency services by banks and financial institutions, Tien-mu said there are still several concerns about digital assets that will be addressed in the regulatory framework to be released in September.
Taiwan is the latest in a list of countries in Asia that are taking important steps in adopting the cryptocurrency industry.
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