The Financial Supervisory Commission (FSC) of Taiwan will become the main regulator of cryptocurrencies in the island country, according to the head of the authority.
FSC chairman Huang Tien-mu has announced that the regulator will assume the supervisory authority on the crypto industry in Taiwan, the local news agency United Daily News reported.
Huang addressed Taiwan’s parliament, the Legislative Yuan, on March 20 regarding the regulation of cryptocurrencies in the Republic of China (ROC). He pointed out that the FSC’s upcoming crypto regulatory framework will include major rules and policies, including separation of customer assets from company’s funds and investor protection practices.
The official specified that the FSC is currently instructed by the nation’s highest administrative body — the Executive Yuan — to supervise payments and transactions in the crypto market. Huang stressed that other types of industry-related assets like nonfungible tokens, or NFTs, may not fall under FSC’s supervision.
Huang also noted that the FSC will initially pay special attention to self-regulation principles in the cryptocurrency industry in Taiwan. The official added that the authority will follow the instructions of the Executive Yuan.
