Taiwan’s Financial Supervisory Commission (FSC) will be the primary regulator overseeing the cryptocurrency industry on the island, according to Huang Tien-mu, the head of the regulatory body. Huang confirmed this during a parliamentary session on Monday, stating that the FSC will initially be responsible for overseeing payments and transactions in the crypto space. However, he clarified that non-fungible tokens (NFTs) will not fall under the commission’s purview.
Huang also revealed that he intends to collaborate with other government departments and relevant industries to establish self-discipline norms for the cryptocurrency sector. Further details on the regulatory framework will be announced following consultations with the cabinet.
Taiwan’s move to regulate the cryptocurrency industry reflects the global trend towards establishing clear guidelines for digital assets. The FSC’s oversight is likely to enhance investor protection, mitigate potential risks associated with crypto, and promote the growth of the sector on the island. The development is also expected to instill confidence in the market and encourage more crypto-related businesses to establish operations in Taiwan.