Taiwan’s FSC embarks on oversight of crypto, says FSC chief with CoinEdition

by Arthur · March 20, 2023

Huang Tien-mu announced that the FSC would take up responsibility for monitoring crypto in Taiwan.
The FSC leader added that the regulation of the NFTs would be excluded initially.
People familiar with the matter said that the FSC had discussed the matter with the relevant authorities.

Huang Tien-mu, head of the Financial Supervisory Commission of the Republic of China (Taiwan) declared on Monday that the Financial Supervisory Commission will be considered the supreme authority to oversee crypto in the country, as an initiative to curb market turmoil.

In particular, the chairman claimed that the Financial Supervisory Commission would oversee the procedures for crypto transactions and payments. However, he added that the commission would not take up the responsibility of monitoring the non-fungible tokens (NFTs) at first.

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 crypto regulator will be released as soon as possible.

It is remarkable that the entire crypto space has been in crisis for so long, during the prolonged crypto winter, especially after 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.

Notably, people with knowledge of the matter added that the FSC and Taiwan’s cabinet have been talking and working with other departments of the government and crypto representatives to discuss the emergency and possible plans for the new move.

Interestingly, Huang has also said that he would discuss 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 will be given officially after the conversation with the cabinet.

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