Alternative investment:
The FSC said that it would apply a previous request that operators observe the transparency of information to maintain the interests and rights of customers
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By Jake Chung / Staff Writer, with CNA
The Financial Surveillance Commission (FSC) reflects on legislation to regulate the cryptocurrency industry, or virtual assets, and demanding that virtual asset service providers (VSP) guarantee permits within 15 months of the promulgation of legislation.
The planned legislation would set different capital requirements as a function of the aspect of the valps, said the FSC.
All Vasps would be considered financial institutions, and personal trade would not be legal after the promulgation of legislation, he said.
Photo: CNA
Stablecoins, cryptocurrencies whose values are set for a reference asset, are not currently considered in the FSC jurisdiction, but would be regulated by the committee once the legislation has been promulgated.
Le président de la FSC, Peng Jin-Lung (彭金隆 彭金隆 彭金隆), lors d’une conférence de presse, a déclaré mercredi la semaine dernière que les stablecoins aideraient à combler de l’argent fiduciaire et à la crypto-monnaie, ajoutant que The FSC and the central bank would jointly supervise the Stablescoin market.
The FSC said that it would apply the previous requests that operators maintain their assets separated from those of customers and observe the transparency of information to maintain the interests and rights of customers.
Once the control and monitoring measures of the cryptocurrencies have been established, cryptocurrencies would serve as alternative investment channels, he said.
After Crypto Exchange FTX Trading Ltd went bankrupt in November 2022, in which many people around the world suffered losses, the executive yuan in March 2023 appointed the FSC as the competent authority in Taiwan to avoid similar risks.
The FSC said it had gradually implemented surveillance.
The Committee said it would hold a public hearing this month involving members of industry and academics to obtain their comments on the bill.
The bill should be revealed next month and transferred to the executive Yuan in June, after which it would go to the legislative yuan, the committee said.
