Taiwan’s Crypto Industry Welcomes Regulatory Announcement

Neha will join CoinDesk's Michael Casey for "Remember Why We're Here: Crypto's True Purpose."

Taiwan will soon have special legislation to regulate cryptocurrency and its Financial Supervisory Commission will be in charge. Huang Tien-mu confirmed this to lawmakers in Taiwan’s parliament during a hearing about global banking stability.co-founder and CEO of XREX“Our next steps would be for the virtual asset service provider industry to collaborate with the FSC to define regulatory operations,” he said, saying one of the first steps is to form an industry self-regulatory body to help develop a set of rules.that Huang said that as NFTs are still emerging as an asset class, it's too early to regulate them.

“Due to the extendability and composability of NFTs, they can represent a broad spectrum of things ranging from commercial products to commodities to securities. Therefore the FSC likely needs more time to develop a proper set of NFT classification guidelines,” Huang adds.The Central Bank regulates monetary policy and foreign exchange regulations while the FSC has a broad remit over everything from banking regulation, securities and futures, to anti-money laundering.

“Getting the balance between experimentation and investor protection is the order of the day,” says Alex Liu, CEO of Maicoin.

thesamreynolds Taiwan's crypto industry has been growing in recent years, with a number of local crypto exchanges and blockchain start-ups emerging in the country.

thesamreynolds lfg coindesk know who the real enemy is ✊

thesamreynolds Too little, too late. You should not refer to Taiwan as anything but the PRC. One country, my system.

thesamreynolds Late to the game

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