Taiwan’s FSC Embarks on the Supervision of Crypto, FSC Head Says

  • 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, 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.

Related Articles

Back to top button