On January 22, the Financial Supervisory Commission (FSC) held a press conference for the Lunar New Year, chaired by Chairman Peng Jinlong. When reporters inquired about whether the investments in the Trump Meme Coin (TRUMP) and Melania Meme Coin (Melania), which many Taiwanese people are participating in, might involve legal issues, the Bureau of Securities, which oversees virtual currencies, also responded.
Is the Trump Meme Coin illegal? FSC finds it difficult to intervene
Zhang Zhenshan, Director of the Bureau of Securities at the FSC, stated that cryptocurrencies such as the Trump Meme Coin (TRUMP) are actions of specific individuals and have not been marketed or advertised in Taiwan; therefore, they do not fall under the current regulations in Taiwan. He also mentioned that it is currently challenging for Taiwan’s regulatory authorities to intervene in cryptocurrencies issued by foreign individuals or communities.
Recommendations regarding meme coins
The author believes that a clear regulatory framework should be established for managing the Trump Coin and similar situations: for cryptocurrencies issued abroad but with potential impact in Taiwan, research should be conducted to create a regulatory framework that meets the needs of the Taiwanese market; promote international cooperation and reference the management experiences of other countries regarding similar digital assets.
Risk warning
Investing in cryptocurrencies carries a high level of risk, and their prices can be extremely volatile, which may result in a total loss of principal. Please assess risks carefully.