According to reports, Taiwanese legislators hope to have a framework for regulating cryptocurrencies finalised by the end of March or early in April.
According to the chairman of the body, Taiwan's Financial Supervisory Commission (FSC) will take over as the primary regulator of cryptocurrencies on the island nation.
Huang Tien-mu, the head of the FSC, declared that the organisation will take over oversight of Taiwan's cryptocurrency market, according to the local news source United Daily News.
On March 20, Huang spoke before Taiwan's Legislative Yuan about how cryptocurrencies are governed in the People's Republic of China (ROC). He emphasised that the FSC's planned framework for regulating cryptocurrency would contain important laws and policies, such as measures for investor protection and the separation of client assets from corporate finances.
The official stated that the Executive Yuan, the country's top administrative body, has now given the FSC the authority to monitor payments and transactions made in the cryptocurrency market. Huang emphasised that the FSC may not have control over other categories of assets associated to the business, such as nonfungible tokens, or NFTs.
Huang also mentioned that the self-regulation concepts in Taiwan's cryptocurrency business will receive special attention at first from the FSC. The official also stated that the Executive Yuan's directives will be followed by the authority.
Taiwan lawmakers anticipate creating and passing a pertinent crypto legal framework by the end of March or early April, according to a report by Taiwan's Central News Agency. According to reports, the new draught proposal wants to give the Ministry of Digital Affairs control over NFT legislation.
The announcement comes as Taiwan continues to experience tensions with China, which the Chinese government regards as a renegade province that it has pledged to subjugate.
5.150 SRY