The Executive Yuan of Taiwan will announce at the end of March or early April that the Financial Supervisory Commission (FSC) will serve as the main regulator of general virtual assets and their exchanges.
The Executive Yuan and the Financial Supervisory Commission have been working with other government departments and talking with industry representatives to develop a specific plan.
An Executive Yuan official said that referring to the European Union, Singapore, Japan, South Korea, Israel and other countries where financial supervisory agencies play the role of virtual asset supervision, the Executive Yuan has decided after cross-departmental coordination that the Financial Supervisory Commission will be responsible for the supervision of virtual assets and the order of trading platforms.
Officials familiar with the matter revealed that the current preference is to adopt a phased supervision intensity approach. First, the industry will conduct self-regulation first. At the same time, the Financial Supervisory Commission will continue to collect international trends and study the future direction of regulations. Ultimately, a special law will be established for the direction of virtual asset supervision.
In addition, the Executive Yuan initially plans to entrust the use of NFT as an electronic signature certificate to the "Digital Department". (CNA)
