Taiwan plans to introduce regulations targeting fraudulent crypto-related activities, with strict measures against local and international cryptocurrency entities. Financial authorities emphasize the need for stability and security in financial markets.
Taiwan is gearing up to implement a comprehensive legislative framework aimed at regulating the realm of cryptocurrencies by the fall of this year.
This move is designed to institute stringent measures targeting both domestic and international players in the cryptocurrency sphere.
Huang Tianzhu, the Chairman of Taiwan's Financial Supervisory Commission (FSC), has reiterated the escalating apprehension surrounding fraudulent activities linked to cryptocurrencies. He has signaled the imposition of rigorous administrative penalties on crypto exchanges and foreign currency traders.
Tianzhu has underscored the detachment of virtual assets from the tangible economy, emphasizing the looming surge in investment disputes and the risks entailed in unregulated foreign investments.
The FSC chairman has further emphasized the commission's vested interest in bridging the gap between virtual currencies and the conventional financial system. He has stressed the imperative for additional legislative endeavors directed at virtual assets to safeguard the stability and security of financial markets.
Gao Jingping, the Deputy Director of Taiwan's Securities and Futures Bureau, has shed light on the potential for Taiwanese investors to explore foreign Bitcoin Exchange-Traded Funds (ETFs). He has indicated that the outcomes of an ongoing inquiry will be disclosed in April, potentially widening investment avenues and enhancing the market landscape.
With 10 entities currently engaged in virtual currency trading within Taiwan, Tianzhu has cautioned against patronizing unauthorized international platforms to mitigate fraud risks and ensure financial stability.