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Taiwan Readies For New Crypto Regulations

By  |  March 20, 2023

Taiwan’s Financial Supervisory Commission Chairman Huang Tien-mu informed lawmakers that the nation is in the process of creating a special legislative framework to govern cryptocurrency and its related activities. He made this announcement during a parliamentary hearing on global banking stability.

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    Bloomberg recently reported that the Financial Supervisory Commission (FSC) of Taiwan will be likely the primary regulator for cryptocurrencies. While some parliament members have recommended that the newly-established Ministry of Digital Affairs (MODA) assume this regulatory post, others argued that MODA is inexperienced compared to FSC which has a more established structure and resources. The Central Bank of the Republic of China is also a key financial regulator in Taiwan.

    Related: Australia’s Crypto Regulations Are Facing Long Delays

    Taiwan’s special crypto regulation puts Taiwan in the League of Nations working to introduce crypto legislation to regulate the largely unregulated industry.

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