🌎 Taiwan to Implement Cryptocurrency Regulation Framework by September

Taiwan is set to introduce a legislative framework for regulating cryptocurrencies by September of this year. The goal of this initiative is to establish strict measures against both local and international cryptocurrency entities.

Huang Tianzhu, the Financial Supervisory Commission (FSC) chairman, has expressed concerns about fraudulent activities in the crypto space. He emphasized that strict administrative penalties will be imposed on crypto exchanges and foreign currency merchants.

Tianzhu also highlighted the lack of correlation between virtual assets and the real economy. He pointed out the potential for investment disputes and risks associated with unregulated overseas investments.

The FSC chairman emphasized the commission’s interest in bridging virtual currencies with the traditional financial system. He stressed the importance of additional legislative efforts to regulate virtual assets and ensure the stability and security of financial markets.

Gao Jingping, the Deputy Director of the Securities and Futures Bureau, discussed the potential for Taiwanese investors to access foreign Bitcoin ETFs. He mentioned that findings from an ongoing investigation will be shared in April, potentially expanding investment opportunities and enhancing the market landscape.

Currently, there are 10 entities in Taiwan involved in virtual currency trading. Tianzhu advised against using unauthorized international platforms to mitigate fraud risks and safeguard financial security.