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2023-03-26 13:19:46 ​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. Open / Comment

2023-03-24 21:26:09 ​Taiwan will pass laws to regulate digital assets

Taiwan will adopt special legislation that will give the local Financial Supervisory Commission (FSC) a mandate to regulate cryptocurrencies. The information was confirmed by the head of the agency Huang Tenmu, writes Bloomberg.

Speaking to CoinDesk, XREX platform co-founder and CEO Wayne Huang welcomed the imminent arrival of regulatory clarity. He said industry players can join forces to help the FSC develop a set of rules.

Principles for the document are expected by June, with a draft bill in the coming months.

The impetus for the initiative may have come from the FTX collapse - locals were, in relative terms, the largest users of the platform.

The island had previously taken a neutral approach to digital assets, requiring crypto exchanges only to comply with AML rules. Open / Comment

2023-03-22 13:28:32 ​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. The officials also reportedly made reference to countries such as Singapore, Japan, South Korea, and Israel where the virtual currency space is controlled by financial regulators. Open / Comment

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2023-03-20 10:43:37 ​Coinbase is planning to set up crypto trading platform outside US.

The reported move came amid many U.S. lawmakers and regulators taking aim at crypto firms for their perceived role in the failure of three major banks.

Cryptocurrency exchange Coinbase is reportedly planning to set up a crypto trading platform outside the United States, where it is currently headquartered.

According to a March 17 Bloomberg report, Coinbase discussed setting up the non-U.S. platform with some of its institutional clients. The reported move came amid many U.S. lawmakers and regulators taking aim at crypto firms for their perceived role in the failure of Silvergate Bank, Silicon Valley Bank, and Signature Bank. Open / Comment

2023-03-16 22:33:14 ​​FTX Europe Secures CIF License From Cyprus’ CySEC

Sam Bankman-Fried FTX announced that its European subsidiary, FTX Europe has received approval from the Cyprus Securities and Exchange Commission (CySEC) to offer its services as a Cyprus Investment Firm (CIF).

Notably, FTX is the only cryptocurrency exchange in the world that has received permission to offer a full suite of exchange services under a full Markets in Financial Instruments (MiFID II) license.

The CEO and Co-Founder of FTX, Sam Bankman-Fried popularly known as SBF asserted that “securing this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world. We are continuing to work with CySEC and regulators across the globe to be the leader in the digital asset industry when it comes to meeting the financial standards that are expected of traditional financial institutions.”

Also, the Head of FTX Europe Patrick Gruhn stated that “after launching our European operations earlier this year we’re excited to receive approval from the regulators in Cyprus. Operating under this license will further our goal of being a European entity regulated to the highest standard,” He continued “We look forward to continuing our productive relationship with CySEC as we continue to expand our European offerings.” Open / Comment

2023-03-13 11:44:54 ​Lionel Messi's company invested in soccer Web3 startup

Soccer Web3 startup Matchday has raised $21 million in a seed round of funding. It was announced by Decrypt.

One of the investors was the venture company of famous soccer player Lionel Messi - Play Time. Courtside Ventures, Greylock, HackVC, Capricorn Investment Group and Horizons Ventures also participated in the round.

Matchday develops computer sports games. Co-founder and CEO Derrick Coe explained that their projects will focus on "ordinary" users.

The company has an official license from the International Football Federation and the professional players' association FIFPRO. Open / Comment

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2023-03-10 10:38:27 ​Federal Reserve Chairman Powell Speaks Out: We Don't Want to Stifle Crypto

Federal Reserve Chairman Jerome Powell has made it clear that the central bank doesn't want to prevent crypto innovation but warned that the industry is still replete with fraud and risks.

During his appearance before the Senate Banking Committee on Capitol Hill, Powell discussed the cryptocurrency space and noted that the U.S. central bank had been involved in this area to a significant extent. He also acknowledged that blockchain technology has practical applications in the real world.

"We have to be open to the idea that – somewhere in there – there is technology that can be featured in productive innovation that makes people's lives better," he told members of the committee, adding:

“We don’t want regulation to stifle innovation in a way that just favors incumbents and that kind of thing. But, like everyone else, we’re watching what’s been happening in the crypto space and what we see is quite a lot of turmoil, we see fraud, we see a lack of transparency, we see run risk.” Open / Comment

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