Taiwan plans crypto regulation through special legislation

Taiwan seems to be following the footsteps of Hong Kong to legalise the crypto sector. 

Taiwan, officially the Republic of China, is a country in East Asia. However China claims full control of Taiwan but in reality, China partially controls Taiwan. In China, crypto is fully banned but this case is not the same in Taiwan. To this date, crypto companies provide services in the absence of any regulatory framework in this country.

Recently the Taiwan Government announced that they are planning to regulate crypto companies under a proper framework. The government may hand over crypto regulation work under the authority of the Financial Supervision and Administration Committee (FSC) or the newly established Ministry of Digital Affairs (MODA).

MODA is a new agency so there are huge chances that FSC may head to regulate the crypto sector but local media reports noted that the FSC agency is not in the mood to regulate NFTs, despite NFTs trade activities surging rapidly in the country. According to FSC officials, it will be too early to regulate the NFTs sector. 

Wayne Huang, the co-founder, and CEO of XREX, shared his happiness on this news. 

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According to Taiwanese crypto proponents, FTX’s downfall is the big reason behind such positive news. FTX bankruptcy also resulted in big loss for the Taiwanese crypto Investors and the whole incident forced the Taiwan Government to regulate & and allow only reputed crypto companies. 

Earlier in Feb 2023, the Taiwanese anti-corruption watchdog ordered all government employees to disclose their crypto holdings. 

At that time, many people noted that such rules were hinting that Taiwan may bring crypto regulation, on behalf of the actual dominance of this innovative sector in the country. 

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