The bankruptcy of FTX has shaken the market, prompting countries to step up regulation, but the authority in charge of cryptocurrencies in Taiwan is still unclear. In this regard, Huang Tianmu, chairman of the FSC, stated yesterday (2) that the Executive Yuan is making a final decision, and it is expected that there will be a result in the short term. He believes that the FSC will play a certain role.
According to comprehensive media reports, legislator Guo Guowen paid attention to the progress of Taiwan’s supervision of cryptocurrencies during the questioning of the Finance Committee of the Legislative Yuan. Since the Financial Supervisory Committee currently only manages money laundering prevention, he believes that cryptocurrencies should also be legalized in the future.
Legislator Zeng Mingzong believes that according to the “Organization Law of the Ministry of Digital Development”, it is to assist digital development and should be managed by the Ministry of Digital Development. If it is managed by the FSC, it may be managed from the perspective of a franchised industry, and it will become conservative and strict, which is not conducive to industrial development.
Huang Tianmu said that the Financial Supervisory Commission is basically in charge of franchised industries, but there are differences in the degree of supervision.
Huang Tianmu pointed out that in the past two years, some cases that attracted the attention of the outside world have occurred in the field of cryptocurrency, which has made supervisory agencies around the world hope to manage in a more prudent manner.
Guo Guowen suggested that in the future, cryptocurrency regulation can be discussed in five major directions: ensuring entity contact channels, risk management, strict real-name authentication (KYC), establishing a compensation mechanism for retail investors, and establishing “token inclusion” standards. However, Huang Tianmu said that currently no country has established a compensation mechanism for cryptocurrencies.
Legislator Zeng Mingzong has proposed the main resolution in the past, and won the support of the government and the opposition. According to this resolution, the Executive Yuan is bound to draft the competent authority for cryptocurrencies before May 16 this year, which may be the Financial Supervisory Commission (focusing on supervision) or the Ministry of Digital Development (assisting industry development).
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