Taiwan plans to place regulation of crypto under its financial watchdog, the Financial Supervisory Commission (FSC). However, non-fungible tokens (NFTs) and stablecoins will be regulated by different agencies.
According to Bloomberg, Taiwan plans to announce the FSC as the crypto regulator by the end of the month. Additionally, the FSC and Taiwan’s cabinet have been working with industry stakeholders to “work out a concrete plan.”
Digital Affairs Ministry May Take Charge of NFTs
But, according to people familiar with the discussion, the NFT regulation might come under the cabinet’s Digital Affairs Ministry. While Taiwan’s central bank could regulate the stablecoins.
Exchanges Ask for “Clarity”
Binance Holdings, Matrixport Technologies, and Woo Network LLC have jointly written to the authorities asking for crypto regulation that provides “clarity” to the businesses.
The letter reads, “From our observations, some markets that tried to regulate virtual assets under existing financial rules and categorizations experienced great difficulty as the rules lacked clarity and made it very confusing for business operators, authorities and customers.”
U.S. regulators are in crypto crackdown mode, also confusing businesses with vagueness in regulatory policies.
While Taiwan’s neighboring provision, Hong Kong, aims to become a regional crypto hub with its robust regulatory framework. As a result, it has attracted businesses like the DBS Bank and Huobi exchange.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.