Taiwan is preparing its financial regulator, the Financial Supervision Commission (FCS), to be the main authority overseeing the crypto industry.
Based on Bloomberg’s sources, the news mentioned Taiwan’s moves on its financial regulator. According to this news, Taiwan is preparing to rename its financial regulator as the main crypto regulator.
Taiwan is preparing to announce the Financial Supervision Commission (FCS) as the main regulator of crypto exchanges and virtual assets. Bloomberg reported that the Taiwanese government and the FSC are working with other government departments and meeting with industry representatives to come up with a concrete plan.
Taiwan Takes Action to Regulate the Crypto Industry
Taiwan plans to make its financial regulator, the Financial Supervision Commission (FCS), the main authority for regulating and overseeing the crypto industry.
If this plan is approved, Taiwan will officially appoint a regulator for the crypto industry for the first time. Also, Taiwan Central News Agency reported that the FSC could be declared as the crypto regulator by the end of March.
Sharing his views on the subject, FSC Chairman Huang Tien-mu stated that they will act jointly with the government and follow the cabinet’s instructions. By underlining that they will work with the participants of the industry, Tien-mu also signaled that they are not anti-crypto.
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