• Taiwan’s Financial Supervisory Commission (FSC) plans to implement new regulations in September of this year to strengthen regulation and lessen the dangers associated with crypto trade.
• The new rules address various issues, from consumer data management to anti-money laundering safeguards and transaction tracking for digital assets.
• Legislator Li Guimin has expressed dissatisfaction with Taiwan’s lack of progress in the crypto industry, prompting Huang Tianmu, head of the FSC, to respond that they should have some guidelines to follow by September.
Taiwan Plans New Regulations on Crypto Trade
Taiwan’s Financial Supervisory Commission (FSC) outlined plans to control the country’s banking sector and crypto trade in order to strengthen consumer protection. The new regulations are expected to be implemented in September and will address various issues related to consumer data management, anti-money laundering safeguards, and transaction tracking for digital assets.
Legislator Li Guimin Dissatisfied With Lack of Progress
Legislator Li Guimin expressed dissatisfaction with Taiwan’s lack of progress in the crypto industry compared to other countries. This prompted a response from Huang Tianmu, head of the FSC, who indicated that they should have some guidelines to follow by September.
Banking Industry Buying and Selling Cryptocurrency Specification
The FSC announced that it will unveil a “Banking Industry Buying and Selling Cryptocurrency” specification in September which will allow traditional banks to provide cryptocurrency trading platforms. There are currently 27 exchanges under the guidance of the Financial Regulatory Commission.
Stop Money Laundering & Financing Terrorism
The FSC has also stressed how crucial it is to stop money laundering and financing terrorism through crypto-related activities. It is expected that these regulations will help reduce customer harm from fraud or other forms of misconduct by instituting stricter monitoring and control measures.
NFT Collection For Pilgrims
In an unrelated news story concerning cryptocurrency in Taiwan, a temple unveiled an NFT collection for pilgrims so that they could experience some form of digital pilgrimage without needing physical tokens or currencies as part of their journey.