Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Taiwan authorities have struck back after a long haul, changing the game for crypto businesses in the area. At the latest Cabinet meeting, Taiwanâs Ministry of Economic Affairs (MOEA) announced the switch, changing the crypto businessesâ category, further listing them under âfinance, insurance, and real estateâ as âvirtual currency platforms and trading businessesâ, after removing them from the âsoftware design servicesâ category. In accordance with this switch, now the Financial Supervisory Commission (FSC) will serve as the core authority responsible for legal oversight, along with carving out and updating the taxation policies for cryptocurrency businesses. This was done with the sole intent to crackdown on crypto in Taiwan, as the areaâs legislative body has already begun actively taking initiatives to clamp down crypto loopholes to further protect local investors and consumers.
Taiwan chooses Middle ground for Crypto Regulation
However, this move should not be surprising given the FSC Chairman, Huang Tien-muâs actions at the beginning of this month. He had met with âmajor ministriesâ and government entities, such as the Central Bank, the Ministry of Finance, the Ministry of Economy, and the National Development Council to discuss possible regulatory action for âthe managementâ of crypto assets in Taiwan.
According to the China Times, many MPs had already raised concerns regarding the volatility issue in cryptocurrency, further emphasizing that crypto can easily be âmanipulatedâ by âmajor powersâ. These MPs, therefore, concluded that virtual currencies should be levied as ânot suitable for sale in Taiwanâ and âshould be controlledâ by the authorities. To crypto crackdown demands, the FSC chief argued to carry out policies from both worlds, including the international governmentsâ âwait-and-seeâ approach to crypto market supervision, along with hinting at the need for regulations, since crypto did not classify as a âfinancial asset,â but as a âgeneral commodity,â. He noted that, âIt is correct that there is no specific [regulatory] authority that has authority over virtual currencies in Taiwan.â
The post Taiwan regulators list Crypto under new category to impose stricter policies appeared first on Coingape.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.