BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Taiwan launches a cryptocurrency regulatory body – Details

Taiwan launches a cryptocurrency regulatory body – Details
Taiwan has joined the list of countries to regulate cryptocurrency activities, as it recently announced the creation of a regulatory body to oversee the cryptocurrency industry.



The Financial Supervisory Commission (FSC) will be the main overseer of the crypto industry, according to the head of the regulator, Huang Tien-mu, who made the announcement on Monday.



The move is expected to provide a legal framework for crypto activities, which will help protect investors, mitigate fraud, and combat illicit activities such as money laundering.



The FSC’s role in Taiwan’s cryptocurrency regulation



The FSC is Taiwan’s primary financial regulator and oversees banking regulation, securities, and futures, as well as anti-money laundering initiatives.



With the rise of cryptocurrencies, the FSC has recognized the need to regulate the industry to ensure that it operates in a safe and secure manner.



The FSC will initially focus on payments and transactions, but it will not cover NFTs or “non-fungible tokens,” which are still emerging as an asset class.



According to Huang Tien-mu, the FSC will be discussing the details of the new regulatory body with other government departments, as well as “self-discipline norms” with relevant industries.



The self-discipline norms will set out the standards that the industry will be expected to follow to ensure that cryptocurrency activities are conducted in a fair and transparent manner.



The creation of a cryptocurrency regulatory body in Taiwan is expected to have a significant impact on the industry. It will provide a legal framework for cryptocurrency activities, which will help protect investors, mitigate fraud, and combat illicit activities such as money laundering.



It will also provide a level of certainty for businesses that operate in the industry, which could encourage more investment in the sector.



According to CoinDesk, the FTX exchange had one of the largest user bases per capita in Taiwan, which highlights the importance of cryptocurrency regulation in the country.



The collapse of FTX in November 2022, which caused a ripple effect throughout the cryptocurrency industry, brought a sense of urgency to cryptocurrency regulation in Taiwan.



Regulating NFTs



While the FSC will initially focus on payments and transactions, it will not cover NFTs or “non-fungible tokens,” which are still emerging as an asset class.



According to officials from XREX, a Taipei-based TradeTech fintech, the FSC will likely require more time to develop a proper set of NFT classification guidelines.



XREX officials called for the virtual asset service provider industry to work with the FSC to define regulatory operations and to help form an industry self-regulatory body to help develop a set of rules. This would provide clarity on the regulatory framework for NFTs and help prevent fraud and other illicit activities.



Taiwan’s move to establish a regulatory body to oversee the cryptocurrency industry is a significant development that will provide a legal framework for cryptocurrency activities, protect investors, mitigate fraud, and combat illicit activities such as money laundering.

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Taiwan launches a cryptocurrency regulatory body – Details


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script