Taiwan plans to introduce a legislative framework for regulating crypto by September of this year.
This initiative aims to bring strict measures against local and international cryptocurrency entities.
According to local reports, Huang Tianzhu, the Financial Supervisory Commission (FSC) chairman, emphasized the rising concern of fraudulent crypto-related activities, indicating that strict administrative penalties would be enforced on crypto exchanges and foreign currency merchants.
Tianzhu also stressed that virtual assets bear no correlation to the real economy and highlighted the potential increase in investment disputes and risks associated with unregulated overseas investments.
See Also: The UK Introduces New Rules To Restrict Illicit Use Of Crypto Assets
The FSC chairman also highlighted the commission’s keen interest in connecting virtual currencies and the traditional financial system.
Tianzhu underscored the necessity for additional legislative efforts targeting virtual assets to ensure the financial markets’ stability and security.
Gao Jingping, the Deputy Director of the Securities and Futures Bureau, provided insights into the potential for Taiwanese investors to engage with foreign Bitcoin ETFs, noting that findings from an ongoing investigation would be shared in April, potentially broadening investment avenues and improving the market landscape.
With 10 entities in Taiwan currently engaged in virtual currency trading, Tianzhu advised against utilizing unauthorized international platforms to avoid fraud risks and ensure financial security.
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