Taiwan’s FSC Embarks on the Supervision of Crypto, FSC Head Says
CoinEdition
Published Mar 20, 2023 03:16AM ET
Updated Mar 20, 2023 03:30AM ET
Taiwan’s FSC Embarks on the Supervision of Crypto, FSC Head Says
- Huang Tien-mu announced that the FSC would take up the charge of supervising crypto in Taiwan.
- The FSC Chairperson added that the regulation of the NFTs would be excluded in the beginning.
- People familiar with the matter told that the FSC had been discussing with the relevant authorities regarding the matter.
Huang Tien-mu, the Chairperson of the Financial Supervisory Commission of the Republic of China (Taiwan) declared on Monday that the Financial Supervisory Commission would be considered the supreme authority to oversee crypto in the country, as an initiative to mitigate the market turmoil.
Notably, the Chairperson asserted that the Financial Supervisory Commission would superintend the procedures of crypto transactions and payments. However, he added that the commission wouldn’t take up the charge of supervising the non-fungible tokens (NFTs) in the beginning.
According to a person familiar with the matter, who has been reluctant to reveal his identity considering its confidential nature, the official announcement of the FSC as the chief regulator of crypto would be released as soon as possible.
It is noteworthy that the whole crypto space has been in crisis for so long, during the prolonged crypto winter, especially following the fall of the once-prominent crypto exchange FTX. Currently, with the debacle of the three financial companies, Signature Bank (NASDAQ:SBNY), Silvergate Bank, and Silicon Valley Bank, the financial sector has also been immersed in a crucial state.
Significantly, the people with knowledge of the matter added that the FSC and Taiwan’s cabinet have been conversing and collaborating with other departments of the government and crypto representatives discussing the emergency of the situation and the possible plans for the new move.
Interestingly, Huang has also told that he would be discussing the matter in detail with the authority and its representatives. He added that the “self-discipline norms” would be discussed with relevant industries. In addition, he informed that further details would be provided officially after the conversation with the cabinet.
The post Taiwan’s FSC Embarks on the Supervision of Crypto, FSC Head Says appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.