Taiwan’s Financial Supervisory Commission Chairman Huang Tien-mu informed lawmakers that the nation is in the process of creating a special legislative framework to govern cryptocurrency and its related activities. He made this announcement during a parliamentary hearing on global banking stability.
Bloomberg recently reported that the Financial Supervisory Commission (FSC) of Taiwan will be likely the primary regulator for cryptocurrencies. While some parliament members have recommended that the newly-established Ministry of Digital Affairs (MODA) assume this regulatory post, others argued that MODA is inexperienced compared to FSC which has a more established structure and resources. The Central Bank of the Republic of China is also a key financial regulator in Taiwan.
Related: Australia’s Crypto Regulations Are Facing Long Delays
Taiwan’s special crypto regulation puts Taiwan in the League of Nations working to introduce crypto legislation to regulate the largely unregulated industry.
Metacade is a new blockchain-based metaverse platform that aims to become the biggest arcade gaming platform offering the most exciting crypto-gaming P2E games. The project is currently in the second last stage of its native token, MCADE, presale.
Taiwan readies for new crypto regulations as Metacade presale enters 7th stage