Taiwan to Allow Traditional Banks to Offer Crypto Trading Services
A month back, the Chairman of the Financial Supervisory Commission of Taiwan, Huang Tien-mu, confirmed that the island’s top financial regulator will be in charge of crypto regulation. For context, Taiwan has two financial regulators.
One is the Central Bank of the Republic of China and the other one is the FSC. Explicitly, the former takes care of aspects involving foreign exchange regulations and monetary policy. The latter, on the other hand, has a wider base and caters to securities and futures, banking, and anti-money laundering. Today, the Chairman of the commission clarified the position of the FSC.
The “Banking Industry Trading Crypto” regulations will likely be released by the end of the next quarter. This will allow traditional banks in Taiwan to offer crypto trading services.
JUST IN:
— Watcher.Guru (@WatcherGuru) April 28, 2023Taiwan to allow traditional banks to offer #crypto trading services.
According to the translated version of Tien-mu’s statement, he said, “Frankly speaking, I have many concerns about the internal value of virtual assets… The norms will come out in September.“
Also Read: Hong Kong to Release Crypto Framework in May
Will domestic exchanges be listed?
Here it is worth recalling that Hong Kong’s Securities Futures Commission is also looking to tighten the regulatory screws. Moreover, it will roll out crypto exchange licensing guidelines in May 2023. Drawing parallels between the two developments, a community member tweeted,
“Yesterday Hong Kong, now Taiwan. East Asia wants to attract crypto entrepreneurs and have the crypto hubs of the world.“
Furthermore, during the previous meeting of the full legislative committee, members questioned if there was a direction and channel for foreign crypto trading platforms to be launched in Taiwan. The commission clarified that for a trading platform to attract business in Taiwan, it must be managed by the FSC. Currently, there are around 27 domestic exchanges under the guidance of the FSC. Regarding the possibility of their listing, Tianmu said that he has not considered doing so at the moment. Additionally, he emphasized that the commission will proceed step by step.
Also Read: US Government Coordinates “Urgent Talks” to Rescue First Republic Bank
Read More
Senators Rip Trump Over Crypto Dinner: ‘Pay-to-Play’ Fears Explode!
Mastercard Officially Adds Stablecoin Settlement Support
Taiwan to Allow Traditional Banks to Offer Crypto Trading Services
A month back, the Chairman of the Financial Supervisory Commission of Taiwan, Huang Tien-mu, confirmed that the island’s top financial regulator will be in charge of crypto regulation. For context, Taiwan has two financial regulators.
One is the Central Bank of the Republic of China and the other one is the FSC. Explicitly, the former takes care of aspects involving foreign exchange regulations and monetary policy. The latter, on the other hand, has a wider base and caters to securities and futures, banking, and anti-money laundering. Today, the Chairman of the commission clarified the position of the FSC.
The “Banking Industry Trading Crypto” regulations will likely be released by the end of the next quarter. This will allow traditional banks in Taiwan to offer crypto trading services.
JUST IN:
— Watcher.Guru (@WatcherGuru) April 28, 2023
According to the translated version of Tien-mu’s statement, he said, “Frankly speaking, I have many concerns about the internal value of virtual assets… The norms will come out in September.“
Also Read: Hong Kong to Release Crypto Framework in May
Will domestic exchanges be listed?
Here it is worth recalling that Hong Kong’s Securities Futures Commission is also looking to tighten the regulatory screws. Moreover, it will roll out crypto exchange licensing guidelines in May 2023. Drawing parallels between the two developments, a community member tweeted,
“Yesterday Hong Kong, now Taiwan. East Asia wants to attract crypto entrepreneurs and have the crypto hubs of the world.“
Furthermore, during the previous meeting of the full legislative committee, members questioned if there was a direction and channel for foreign crypto trading platforms to be launched in Taiwan. The commission clarified that for a trading platform to attract business in Taiwan, it must be managed by the FSC. Currently, there are around 27 domestic exchanges under the guidance of the FSC. Regarding the possibility of their listing, Tianmu said that he has not considered doing so at the moment. Additionally, he emphasized that the commission will proceed step by step.
Also Read: US Government Coordinates “Urgent Talks” to Rescue First Republic Bank
Read More
Senators Rip Trump Over Crypto Dinner: ‘Pay-to-Play’ Fears Explode!