Taiwan Regulatory Authority Seeks Progressive Approach For Crypto Regulation

Regulators in Taiwan have admitted that there is currently no official body in the country to oversee the activities of firms offering the sale and purchase of cryptoassets. Regulators intend to create a more friendly environment for crypto businesses than it is in China.

Under current legislation, the Financial Supervisory Commission (FSC) only has power over firms offering security tokens (STOs) and can only intervene in the sector to prevent alleged money laundering. Two crypto exchanges that deal with STOs have applied for trading permits. The FSC response will be provided by the end of the month.

The FSC chief noted that international governments are taking a wait and see approach in the oversight of the cryptocurrency market, and Taiwan might be better off following suit. The FSC chief also added that since cryptocurrency is not classified as a financial asset, but as a general commodity, the regulator cannot currently exercise any authority over tokens like no other organization in Taiwan.

Image: Crypto Chronicle