Taiwan to unveil buying and selling crypto specification for banks

Taiwan’s Financial Supervisory Commission (FSC) outlined plans to control the country’s banking sector and crypto trade. The FSC plans to implement new regulations in September of this year to strengthen regulation and lessen the dangers associated with these pursuits.

The new rules address various issues, from consumer data management to anti-money laundering safeguards and transaction tracking for digital assets. The FSC has made it clear that the laws would apply to any banks and financial institutions in Taiwan that acquire, trade, or otherwise handle digital assets.

The new rules aim to strengthen consumer safeguards in the crypto industry. The FSC has warned that inexperienced or uninformed investors face heightened danger due to the crypto markets’ volatility and complexity. The FSC intends to reduce customer harm from fraud and other forms of misconduct by instituting stricter monitoring and control measures.

Taiwan will announce the «Banking Industry Buying and Selling Cryptocurrency» specification in September, allowing traditional banks to provide cryptocurrency trading platforms. There are currently 27 exchanges under the guidance of the Financial Regulatory Commission.…

— Wu Blockchain (@WuBlockchain) April 28, 2023

Compared to other countries, representative Li Guimin appeared dissatisfied with Taiwan’s lack of progress in the crypto industry.

You might also like: Asian authorities stepping up crypto regulatory efforts

Legislator Li Guimin pondered whether or not Taiwan ought to follow suit in light of the growing number of young people there who are investing in the digital currency sector. So that conventional financial institutions, including banks, can offer “on the table” digital currency trading platforms.

Financial Supervisory Commission head Huang Tianmu responded, “Frankly speaking, I have many concerns about the internal value of virtual assets. All of us are participating, and by September, we should have some guidelines to follow.”

The FSC has also stressed how crucial it is to stop money laundering and the financing of terrorism through crypto-related activities.

Read more: Taiwan temple unveils NFT collection for pilgrims

Source