Taiwanese officials still want the industry to take the lead in formulating regulatory guidelines. virtualassets nft stablecoins
Taiwan's Financial Supervisory Commission Set to Regulate Country's Virtual Assets Industry
Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur.
While officials are said to be keen on having the FSC assume control of the virtual assets space by end of March 2023, they nevertheless still want the industry to take the lead in formulating the guidelines. Taking the lead also includes developing “self-regulatory norms.” According to the report, such norms are needed when establishing internal control points.
Once the proposals on regulating the virtual assets space have been submitted, Taiwan’s so-called executive yuan will be tasked with approving them. Meanwhile, the report said while the FSC is expected to oversee virtual currencies and crypto exchanges, other assets such as non-fungible tokens will likely fall under the purview of a different regulating entity. Stablecoins, on the other hand, are likely to be supervised by the country’s central bank, the report added.
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