Taiwanese controllers are coming under pressure from MPs who need them to prepared crypto guideline. Controllers conceded that there is at present no authority body in the country that has policing control over firms offering the deal and acquisition of cryptoassets. Yet, those dreading a Mainland China-type crackdown will actually want to sit back and relax after controllers indicated they favor a more business-friendly approach. Regulators and the government were barbecued on the matter by lawmakers on a money related committee. One MP asked the FSC and the justice ministry how it intended to manage crypto-related money-laundering risks and legal compliance-related matters.
Huang conceded that under current legislation, the FSC only has power over firms offering security token offerings (STOs), and can only intervene in the sector to prevent suspected instances of money laundering.
Per the China Times, the Financial Supervisory Commission (FSC) Chairman Huang Tien-mu has met with “major ministries” and government organs including the Central Bank, the Ministry of Finance, the Ministry of Economy, and the National Development Council in a preliminary bid to lay the groundwork for “the management” of cryptoassets in Taiwan.
Huang was also quoted as responding that two crypto exchanges that deal with STO-type offerings had applied for trading permits, and that the FSC’s response would be forthcoming before the end of the month.
Another MP stated that the prices of tokens such as bitcoin (BTC) and dogecoin (DOGE) were highly volatile and could be “manipulated” by “major powers.” As such, the MP concluded, such tokens were “not suitable for sale in Taiwan” and “should be controlled.”
A further six exchanges, lawmakers insisted, should be hit with legal action if they failed to apply for trading permits.
Huang responded by hinting that as international governments were taking a “wait-and-see” approach to crypto market supervision, Taiwan…
