Taiwan’s financial regulator explores special act to regulate crypto


Taiwan is studying the possibility of establishing a special act to regulate the cryptocurrency industry, with results expected to be released in September of this year, a top official said.

Tien-mu Huang, chair of the Financial Supervisory Commission, stated Monday at the parliament in response to lawmakers’ inquiries that the regulator must handle the connection between traditional finance and cryptocurrency with care — and is more likely to oversee the crypto sector with a dedicated special law.

Huang noted that the FSC has begun researching the possibility of a crypto asset act and plans to release preliminary studies in September.

The regulator added that it currently prioritizes investor protection, with a group of local crypto companies preparing to establish a self-regulatory industry organization to communicate and address relevant issues.

Currently, Taiwan requires cryptocurrency service providers to comply with anti-money laundering laws since the FSC introduced anti-money laundering rules in July 2021. Otherwise, the crypto industry remains largely unregulated.

In September 2023, the FSC released guidelines encouraging the crypto sector to form its own self-supervisory rules through a potential industry association.

Additionally, some lawmakers submitted a proposal for a draft special crypto act in October 2023 — while they also anticipated that the FSC might present its version of a potential crypto act.

Source : The Block by Timmy Shen / Mar 5, 2024

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