The Taiwan Financial Supervisory Commission may become the regulatory authority for virtual currencies, with an announcement expected by the end of March at the earliest

ChainCatcher News, the Executive Yuan of Taiwan will announce at the end of March or early April that the Financial Supervisory Commission (FSC) will serve as the main regulatory body for general virtual assets and their exchanges. The Executive Yuan and the FSC have been collaborating with other government departments and engaging with industry representatives to formulate a concrete plan. Officials from the Executive Yuan stated that, referencing countries such as the European Union, Singapore, Japan, South Korea, and Israel, where financial supervisory authorities play the role of regulating virtual assets, it has been determined through inter-ministerial coordination that the FSC will oversee virtual assets and regulate the order of trading platforms.

Informed officials revealed that there is currently a tendency to adopt a phased regulatory intensity. Initially, the industry will self-regulate, while the FSC continues to gather international trends and study the future direction of regulations, ultimately establishing a special law for the regulation of virtual assets. Additionally, the Executive Yuan has initially planned to have NFTs used as electronic signature certificates managed by the Digital Department. (Source link)