The Financial Supervisory Commission (FSC) of Taiwan does not want to stand in the way of innovation and progress and will therefore limit its control over the crypto sector. The regulator noted that it will pay attention to combating money laundering, but at the same time, will not impede the development of the digital currency industry.
FSC will suppress fraudulent schemes related to money laundering or hamper the development of digital assets. "The commission maintains an open stance and welcomes all industry innovations," Banking Bureau Deputy Director Sherri Chuang said.
The official also clarified the regulator’s position in relation to the ICO. Chuang said that the commission considers cryptocurrencies and tokens as commodities. Therefore, in this direction, the regulator also plans to monitor money laundering just as FSC does with financial companies.
Securities and Futures Bureau Chief Secretary Chien Hung-ming shared this position.l and according to him, the ICO does not violate the rules of local regulators. Therefore, the FSC will consider each case separately, because all ICOs are different. The commission will evaluate the token as a security or virtual commodity based on the collected data.
Taiwan has not yet developed a legislative system or set of rules for cryptocurrencies. The regulatory system should be introduced in the country by the end of the year and representatives of the commission also reported that the FSC will develop a legislative framework for digital currencies.
By Ekaterina Ulyanova