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Taiwan regulators list Crypto under new category to impose stricter policies

source-logo  coingape.com  + 4 more 15 November 2021 11:51, UTC

Taiwan authorities have struck back after a long haul, changing the game for crypto businesses in the area. At the latest Cabinet meeting, Taiwan’s Ministry of Economic Affairs (MOEA) announced the switch, changing the crypto businesses’ category, further listing them under “finance, insurance, and real estate” as “virtual currency platforms and trading businesses”, after removing them from the “software design services” category. In accordance with this switch, now the Financial Supervisory Commission (FSC) will serve as the core authority responsible for legal oversight, along with carving out and updating the taxation policies for cryptocurrency businesses. This was done with the sole intent to crackdown on crypto in Taiwan, as the area’s legislative body has already begun actively taking initiatives to clamp down crypto loopholes to further protect local investors and consumers.

coingape.com

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