The Taiwan Financial Supervisory Commission (FSC) convened a public hearing with committee member Luo Mingcai, the Financial Supervisory Commission (FSC), major virtual currency operators in Taiwan, and relevant experts and scholars. The FSC expressed a “progressive” regulatory attitude, and from the feedback of operators and regulators, it can be understood that Taiwan’s current regulatory difficulties and progress.
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SFB: Outsourcing legislation will be released, maintaining a “progressive” regulatory stance
Current measures are the most basic form of regulation
Maicoin suggests that the government should establish an effective joint defense mechanism
SFB: Outsourcing research report will be released by the end of September
Committee member Luo Mingcai: The progress of legislation is too slow, the dedicated team has only six people, and is currently discussing the possibility of a virtual asset management agency
SFB-Senior Vice Chairman Gao Jingping stated that the FSC continues to pay attention to the development of virtual assets in various countries, including the EU’s MiCA, South Korea, Japan, Singapore, and Hong Kong. It also encourages operators to interact and share relevant information with regulatory agencies in order to enhance their understanding of the industry.
Senior Vice Chairman Gao Jingping stated that trust is the core of the financial industry. Virtual asset operators need to gain public trust in order to promote industry development. She emphasized that the FSC adheres to the principle of gradual progress in regulating the virtual asset industry, with the aim of gradually establishing trust and norms.
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Senior Vice Chairman Gao Jingping stated that the FSC is conducting the most basic form of regulation based on the existing anti-money laundering laws and gradually improving regulations. She recognizes the efforts and achievements of operators in anti-fraud and expects more positive impacts in the future to enhance the industry’s image.
Maicoin’s COO Chen Minghui responded that although they are currently grateful for the cooperation between the FSC and law enforcement agencies in real-name registration and AML tracking, relying solely on reporting is not enough. They hope to actively promote joint defense between VASP operators and financial institutions, including verifying the authenticity of bank account statements and tracking fund flows.
They hope to receive specific feedback after reporting and expect law enforcement agencies to respond to cases within a certain period of time. This will allow operators to explain to their customers the reasons for freezing funds and reduce customer complaints.
The FSC responded that they hope to establish a more comprehensive mechanism through anti-fraud legislation in the future, such as timely responses from law enforcement agencies on case progress.
Senior Vice Chairman Gao Jingping stated that guidelines were issued last year, hoping that operators would self-regulate and gradually develop into external regulation. In addition, the outsourced research report will be completed by the end of September this year and will incorporate the latest international legislative experience to form a comprehensive regulatory framework.
The Finance Committee convened committee member Luo Mingcai’s response. The FSC stated that they will strive to present a draft legislation by the end of the year, but it is still unclear when the legislation will be implemented next year. The progress is indeed slow and not urgent for operators with limited business profits.
In response to the inquiry from committee member Luo Mingcai, it was revealed that the current FSC has only six dedicated personnel for researching legislation. It is a challenge to respond to such a rapidly growing industry, and they promise to assist in increasing personnel to promote development. In addition, committee member Luo Mingcai also revealed that the possibility of establishing a virtual asset management agency is being discussed.
MaiCoin
Public Hearing
Taiwan
Legislation
Luo Mingcai
FSC
Further reading
Public Hearing | Experts propose five suggestions, FSC: As long as it is compliant, operators can apply for listing (IPO)
FSC Chairman announces the proposal of virtual currency legislation in September, is it possible for Taiwanese to entrust “Bitcoin ETF”?