• Taiwan’s Financial Supervisory Commission (FSC) is working towards creating a crypto regulatory framework that will roll out in September.
• False reports had suggested that the rules would allow banks to offer crypto trading services, but this has been refuted.
• The proposed regulations come amid a growing list of seemingly positive developments for the crypto industry in Asia.
Taiwan Developing Crypto Regulations
Taiwan’s Financial Supervisory Commission (FSC) is working on creating a cryptocurrency regulatory framework. FSC chairman Huang Tien-mu revealed during a meeting with the Finance Committee of the Legislative Yuan that the regulations are expected to be rolled out in September.
Initially, several media outlets reported that Taiwan’s proposed crypto regulations would allow banks to offer crypto trading services to customers. However, these reports have been refuted by ABmedia, a local news outlet, which stated that „Huang Tianmu only stated in questioning that DBS Bank of Taiwan did not provide cryptocurrency-related services.“
Positive Developments For Crypto Industry
The proposed regulations come amid a growing list of seemingly positive developments for the crypto industry in Asia. Hong Kong’s Monetary Authority sent a circular to banks emphasizing they were free to service crypto businesses on the same day Tien-mu spoke before the Legislative Yuan’s Financial Services Committee. In February, Hong Kong also revealed plans to deprecate its existing anti-money laundering laws and introduce new legislation tailored specifically for cryptocurrencies.
Preventing FTX-like Collapses
The FSC chair expressed confidence that Taiwan’s regulations would prevent FTX-like collapses which leave customers in limbo by forcing centralized entities to separate customer deposits from corporate funds.
Crypto Regulatory Climate Becoming Friendlier
Across Asia, it appears as though there is an effort underway towards introducing clearer and friendlier rules for cryptocurrencies than what currently exists within other parts of world such as United States where the climate has become increasingly hostile toward digital currencies and tokens.