Huang Tien-mu, the Chairman of Taiwan&#8217;s Financial Supervisory Commission (FSC), confirmed a month ago that the top financial regulator would be responsible for overseeing cryptocurrency regulation on the island. 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 covers a wider range of areas, including securities and futures, banking, and anti-money laundering. The FSC Chairman has now <a href="https://www.blocktempo.com/huang-tien-mu-promises-not-to-let-similar-incidents-as-ftx-happen-in-taiwan-again/" rel="nofollow noopener" target="_blank">provided</a> further details on the commission&#8217;s position.



<h2 id="new-regulations-pave-the-way-for-crypto-services">New regulations pave the way for crypto services</h2>



The forthcoming &#8220;Banking Industry Trading Crypto&#8221; regulations are set to be released by the end of the next quarter, enabling traditional banks in Taiwan to offer cryptocurrency trading services. Tien-mu voiced his concerns in a translated <a href="https://www.blocktempo.com/huang-tien-mu-promises-not-to-let-similar-incidents-as-ftx-happen-in-taiwan-again/" rel="nofollow noopener" target="_blank">statement</a>, saying, &#8220;I must admit, I have many reservations about the inherent value of virtual assets… The rules will be established in September.&#8221;



It&#8217;s worth noting that Hong Kong&#8217;s Securities Futures Commission is tightening its regulatory approach, with plans to launch crypto exchange licensing guidelines in May 2023.



In a previous full legislative committee meeting, members raised questions about the potential launch of foreign crypto trading platforms in Taiwan. The FSC responded by stating that the commission must manage any trading platform seeking to do business in Taiwan.



Currently, there are approximately 27 domestic exchanges operating under the FSC&#8217;s guidance. Regarding the prospect of listing these exchanges, Tien-mu said he has not yet considered the idea and emphasized that the commission would proceed with it.

Taiwan’s traditional banks to offer crypto trading services

Table of Contents

Cryptopolitan_News

Andre artikler udgivet 28. apr. 2023

Meta's Reality Labs Suffers $4B Loss in Q1 2023 After $13B Loss in 2022

Bank Crisis Sparks Prediction $2 Trillion Bitcoin Market Cap

Acknowledging the Inevitable Boom in Property Technology

Floki Partners with Binance Charity to Support Victims of the Turkish Earthquake

FRC Recovers in Premarket as Government and Advisers Explore Rescue Options

Cardano’s ecosystem advancements bring blockchain closer to the Voltaire era

Join our free newsletter for daily crypto updates!