Conventional Banks in Taiwan to Offer Crypto Trading Services in the Near Future
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Loading... - Qian Huang
- 10 May 2023
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In an official announcement made a month ago, Huang Tien-mu, the chairman of Taiwan's Financial Supervisory Commission (FSC), confirmed that the commission would take charge of regulating cryptocurrencies in the region.
Taiwan has two financial watchdogs: the Central Bank of the Republic of China and the FSC. While the former handles foreign exchange laws and monetary policies, the latter has a broader scope, addressing matters such as securities and futures trading, banking services, and anti-money laundering (AML) measures. Recently, the FSC Chairman provided further insights into the organization's position.
Embracing Crypto Investors
By the end of the next quarter, it is expected that the "Banking Industry Trading Crypto" regulations will be published, marking a significant step towards enabling conventional financial institutions in Taiwan to offer crypto trading services on a wide scale. It is worth noting that the Securities Futures Commission in Hong Kong is also actively working on enhancing oversight in this area. Additionally, licensing standards for cryptocurrency exchanges will be released in May 2023. Clearly, East Asia is actively attracting crypto investors in its bid to become a global crypto hub.
During a previous meeting, members of the full legislative committee expressed curiosity about the possibility of international crypto trading platforms entering the Taiwanese market. However, the chairman stated that there is currently no plan to list such platforms. He emphasized that the committee would proceed with a methodical approach.
The FSC clarified that any trading platform seeking to conduct business in Taiwan must operate under its supervision. Currently, the FSC regulates approximately 27 domestic exchanges.
