Taiwan appoints crypto regulator

The regulatory body FSC from Taiwan will supervise the trading and the payments in crypto-currencies.

This Monday, the chairman of the Financial Supervisory Commission of Taiwan said its agency would be the island’s primary regulator for digital assets, reports Reuters.

Huang Tien-mu stated that the FSC will focus on the regulation of cryptocurrencies in terms of payment and tradingand that the agency will allocate the remainder to other departments.

The Taiwanese leader added that the legislation will not support non-fungible tokens, better known as NFTs. We also learn that the financial watchdog wants to create “self-discipline standards.”

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Until now, the Financial Supervisory Commission only required crypto platforms to comply with anti-money laundering requirements.

His neighbor Hong Kong wants to create an environment that favors the development of digital assets and is preparing a licensing system. Beijing is reportedly quietly supporting the initiative, using the city-state as a “testing ground”.

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