Taiwan is set to implement a new regulatory framework for overseeing cryptocurrencies by September of this year. The goal of this initiative is to impose strict regulations on both local and international cryptocurrency entities.
Huang Tianzhu, the chairman of the Financial Supervisory Commission (FSC), has highlighted the growing concern over fraudulent activities related to cryptocurrencies. He has announced plans to enforce harsh administrative penalties on crypto exchanges and foreign currency traders.
Tianzhu has also emphasized that virtual assets do not have any connection to the real economy. He has warned about the potential increase in investment disputes and risks associated with unregulated overseas investments.
The FSC is keen on bridging the gap between virtual currencies and the traditional financial system. Tianzhu has stressed the importance of implementing additional legislative measures to ensure the stability and security of financial markets.
Gao Jingping, the Deputy Director of the Securities and Futures Bureau, has hinted at the possibility of Taiwanese investors accessing foreign Bitcoin ETFs. More information on this will be shared in April after an ongoing investigation, potentially offering new investment opportunities and enhancing the market landscape.
With 10 entities currently involved in virtual currency trading in Taiwan, Tianzhu has advised against using unauthorized international platforms to avoid fraud and protect financial security.