{"id":620382,"date":"2023-03-21T11:49:30","date_gmt":"2023-03-21T16:49:30","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/21\/taiwan-orders-financial-watchdog-to-take-over-crypto-regulations\/"},"modified":"2023-03-21T11:49:30","modified_gmt":"2023-03-21T16:49:30","slug":"taiwan-orders-financial-watchdog-to-take-over-crypto-regulations","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/21\/taiwan-orders-financial-watchdog-to-take-over-crypto-regulations\/","title":{"rendered":"Taiwan orders financial watchdog to take over crypto regulations"},"content":{"rendered":"
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\"Taiwan Taiwan orders financial watchdog to take over crypto regulations<\/span> Zeynep Geylan \u00b7<\/span> 23 hours ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n

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Taiwan’s Financial Supervisory Commission is the main institution responsible for crypto regulations as NFTs remain out of the scope.<\/p>\n

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2 min read<\/span><\/p>\n

Updated:<\/span> March 20, 2023 at 4:35 pm<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\"Taiwan<\/p>\n

Cover art\/illustration via CryptoSlate<\/p>\n<\/div>\n<\/div>\n

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Ad<\/h2>\n<\/header>\n

\"CoinDesk<\/a><\/section>\n

Taiwan\u2019s Financial Supervisory Commission (FSC) was selected to take on the primary responsibility for crypto regulations on Mar. 20, as Forkast News reported.<\/p>\n

The FSC\u2019s new responsibility doesn\u2019t include non-fungible tokens (NFTs), according to Forkast News.<\/p>\n

Crypto regulations<\/h2>\n

Taiwan\u2019s FSC chair, Huang Tian-mu, unofficially announced the FSC\u2019s new role, which was cited by local media outlets<\/a>.\u00a0Huang said that the government instructed the FSC to oversee crypto transactions and payments. Therefore, the financial watchdog will start with crypto exchange platforms.<\/p>\n

According to Huang, the first order of business will be to make sure crypto exchanges separate their own assets from their depositors\u2019. The FSC will also start supervising the exchanges\u2019 product listings and customer protection measures.<\/p>\n

With that being said, the watchdog will also evaluate the possibility of establishing a self-regulatory system for the local crypto platforms, as Huang noted.<\/p>\n

Huang also added that the FSC would publish an official announcement of its new responsibility, which will include more details on the matter.<\/p>\n

Taiwan on crypto<\/h2>\n

Taiwan is currently in the very early stages of creating crypto regulations. The country announced anti-money laundering rules for crypto service providers in July 2021. However, there have been no other initiatives on the regulatory front since then.<\/p>\n

Being at the early stages of regulatory development paints a crypto-friendly portrait for Taiwan. Sora Venture<\/a>\u2018s co-founder, Jason Fang<\/a>, talked about the welcoming regulatory environment of Taiwan during an exclusive<\/a> interview with CryptoSlate\u2019s<\/em> Liam Wright<\/a>. Fang said he moved his company to Taiwan because the country offered more flexibility in regulations, allowing for exploring and experimenting with new ideas.<\/p>\n

In the summer of 2022, the Taiwanese Central Bank announced<\/a> that it started working on a central bank digital currency (CBDC). However, the bank didn\u2019t disclose a target deadline for the launch of the currency.<\/p>\n

Commenting on the CBDC project, the central bank chair said it was necessary for the young population. He stated:<\/p>\n

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\u201cWe still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation.\u201d<\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Zeynep Geylan<\/p>\n","protected":false},"excerpt":{"rendered":"

Taiwan orders financial watchdog to take over crypto regulations Zeynep Geylan \u00b7 23 hours ago \u00b7 2 min read Taiwan’s Financial Supervisory Commission is the main institution responsible for crypto regulations as NFTs remain out of the scope. 2 min readUpdated: March 20, 2023 at 4:35 pm Cover art\/illustration via CryptoSlateAd Taiwan\u2019s Financial Supervisory Commission<\/p>\n","protected":false},"author":1,"featured_media":620383,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3027,34004],"tags":[],"class_list":{"0":"post-620382","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-orders","8":"category-taiwan"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/620382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=620382"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/620382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/620383"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=620382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=620382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=620382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}