The bankruptcy of FTX shocked the market and caused heavy damage to Taiwan. Cryptocurrency supervision suddenly became the focus of attention of various countries. Recently, the ruling and opposition parties requested the Executive Yuan to designate a cryptocurrency regulatory authority and custody mechanism within three months. In this regard, Huang Tianmu, chairman of the Financial Supervisory Commission, said that whether to legislate special laws to manage cryptocurrency is still under inter-departmental discussion. The initial idea is to focus on "separate custody of assets" and "investor protection" 2-oriented supervision, but he It was also emphasized that Taiwan is not lagging behind in cryptocurrency regulation.

According to comprehensive media reports, Huang Tianmu, chairman of the Financial Supervisory Commission, was asked about the cryptocurrency supervision issue at a press conference yesterday (12th). He said that the direction of supervision has to wait for the Executive Yuan to make a final decision. There have been cross-ministerial discussions in the past few months. The Financial Supervisory Commission has studied the current situation of cryptocurrency supervision in other countries. He believes that Taiwan is not lagging behind others, and most countries supervise from the perspective of money laundering prevention.

Huang Tianmu pointed out that in terms of cryptocurrency supervision, one must first understand its product positioning and legal characterization. Therefore, the reasonable way is to proceed step by step and accumulate experience from the supervision process. As for whether to use special laws for supervision in the future, it is currently being discussed at an inter-ministerial meeting.

Regarding the role that the Financial Supervisory Commission may play in the supervision of cryptocurrency, Huang Tianmu mentioned that what the Financial Supervisory Commission can do in supervision in the future includes the two major aspects of "separate custody of customers and platform assets" and "investor protection".

Huang Tianmu continued that the supervision direction currently being discussed by the Financial Supervisory Commission is to start from the transactions between cryptocurrency industry and banks, and strengthen the KYC (real-name authentication) procedures through banks, which is expected to provide the effect of strengthening management. Next is the self-discipline of the industry. Relevant associations can also achieve the effect of maintaining market order through self-discipline.

This article Should Cryptocurrencies Be Legislated and Regulated? Financial Supervisory Commission: Under discussion, Taiwan is not lagging behind other countries. The post appeared first on Blockchain.