{"id":75831,"date":"2023-03-20T12:24:22","date_gmt":"2023-03-20T10:24:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75831"},"modified":"2025-09-10T13:52:45","modified_gmt":"2025-09-10T10:52:45","slug":"taiwan-to-enact-laws-regulating-digital-assets","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/taiwan-to-enact-laws-regulating-digital-assets\/","title":{"rendered":"Taiwan to enact laws regulating digital assets"},"content":{"rendered":"<p>Taiwan will enact special legislation that would grant the local Financial Supervisory Commission (FSC) a mandate to regulate cryptocurrencies. The information was confirmed by the head of the agency Huang Tien-mu, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-20\/taiwan-s-fsc-set-to-be-named-as-main-crypto-regulatory-body\"> Bloomberg<\/a>.<\/p>\n<p>In an interview with <a href=\"https:\/\/www.coindesk.com\/policy\/2023\/03\/20\/taiwans-crypto-industry-welcomes-regulatory-announcement\/\"> CoinDesk<\/a>, Wayne Huang, cofounder and CEO of the XREX platform, welcomed the imminent regulatory clarity. He said industry participants could join forces to aid the FSC in developing a set of rules.<\/p>\n<p>The principles of the document are expected by June, with the bill due in the following months.<\/p>\n<p>The impetus for the initiative could have been the <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">collapse of FTX<\/a> \u2014 locals, relatively speaking, ended up being the largest users of the platform.<\/p>\n<p>Previously the island had taken a neutral stance toward digital assets, requiring crypto exchanges only to comply with <span data-descr=\"anti-money laundering\" class=\"old_tooltip\">AML<\/span> rules.<\/p>\n<p>According to Huang, the FSC will focus on regulating virtual assets tied to payments and trading, while the cabinet will hand the rest to other government agencies. In particular, stablecoins could fall under the central bank&#8217;s remit.<\/p>\n<p>The commission will not regulate NFTs due to their \u201cimmature as an asset class\u201d nature, according to Wayne Huang, CEO of XREX.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cBecause of their extensibility and composability, non-fungible tokens can represent a wide range of things, from commercial products to commodities and securities,\u201d<\/em> Wayne explained.<\/p>\n<\/blockquote>\n<p>In July 2022, FSC<a href=\"https:\/\/forklog.com\/en\/news\/taiwan-bans-buying-cryptocurrencies-with-credit-cards\"> sent a letter<\/a> to the banking association demanding a ban on using credit cards to pay for digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Taiwan will pass special legislation that would grant the local Financial Supervisory Commission (FSC) a mandate to regulate cryptocurrencies. The information was confirmed by the head of the agency Huang Tien-mu, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":75832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,1203],"class_list":["post-75831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-taiwan"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75831"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75831\/revisions"}],"predecessor-version":[{"id":75833,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75831\/revisions\/75833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75832"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}