Taiwan is gearing up to implement a comprehensive legislative framework for regulating cryptocurrencies by September this year. This proactive step aims to introduce stringent measures to oversee both local and international cryptocurrency entities operating within the country.
Huang Tianzhu, the chairman of the Financial Supervisory Commission (FSC), has highlighted the growing concerns surrounding fraudulent activities in the cryptocurrency space. He emphasized that the FSC intends to impose strict administrative penalties on crypto exchanges and foreign currency merchants to curb such illicit practices effectively.
Tianzhu also underscored the disconnection between virtual assets and the real economy, cautioning about the potential rise in investment disputes and risks associated with unregulated overseas investments.
Furthermore, Tianzhu emphasized the FSC’s commitment to bridging the gap between virtual currencies and the traditional financial system. He stressed the importance of enacting additional legislative measures targeting virtual assets to ensure the stability and security of the financial markets.
Gao Jingping, the Deputy Director of the Securities and Futures Bureau, provided insights into the possibility of Taiwanese investors engaging with foreign Bitcoin ETFs. He mentioned that findings from an ongoing investigation would be disclosed in April, potentially opening up new investment avenues and enhancing the overall market landscape.
With currently 10 entities in Taiwan involved in virtual currency trading, Tianzhu cautioned against using unauthorized international platforms to mitigate fraud risks and safeguard financial security. This regulatory push reflects Taiwan’s commitment to fostering a safer and more regulated environment for cryptocurrency activities within its jurisdiction.
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