Taiwan’s Financial Supervisory Commission Set to Regulate Country’s Virtual Assets Industry
Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur.
According to Taiwanese government officials, the country’s financial sector regulator — the Financial Supervisory Commission (FSC) — is set to become the body overseeing and regulating the country’s virtual currency industry. As per a CNA report, an announcement to this effect is set to be made in late March or early April.
Explaining the rationale behind the government’s decision to appoint FSC as the body that oversees virtual assets in Taiwan, the report suggested that FTX’s collapse played a part in convincing officials to look for ways of protecting users in the event of another major collapse.
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