Taiwan to name FSC as crypto regulator, more inside

  • Taiwan will serve as the Financial Supervision Association (FSC) as the key regulator of the password industry in the host country.
  • The decision comes shortly after password companies, including Binance and Matrixport, called for greater regulatory clarity.

Taiwan has served as a regulator to regulate this area, taking an important step towards improving the regulatory clarity of the password industry. It is reported that the financial supervision federation of such island countries will be selected as the password trading center and the chief regulator of virtual assets.

It was officially announced at the end of March

Taiwan will enact a special law to allow the Federation of Financial Supervisors (FSC) to undertake its data encryption area, Bloomberg News reported on March 20. Industry insiders say the official announcement is likely to be released by the end of this month. It is reported that financial regulators and the national cabinet system have been working with other units and industry representatives to arrange the same plan.

The news of becoming a password regulator follows a messy year in the field of passwords, which is a wake-up call for due process around the world. The decision represents a huge shift in Taiwan's regulatory approach, which has previously been non-intervening. The country's Central News Agency also confirmed that the FSC is likely to become the official password regulator by the end of March.

Huang Tianmu, chairman of the FSC, made it clear earlier today that the FSC will be issued in accordance with the cabinet system. The European Commission is likely to work with password companies to develop its own regulatory response. The regulation of payments and payments related to virtual assets will continue to be the FSC's initial focus.

Not long ago, Binance Holdings, Matrixport Technologies and Woo Network released a collaborative document calling on Taiwan's regulators to establish regulation.

This document reads:

"according to our observation, some industries that try to regulate virtual assets under the original financial system and classification have experienced great difficulties, so these standards lack picture quality, which makes enterprise network operators, governments and customers very confused."

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