Conventional Banks in Taiwan Can Soon Offer Crypto Trading Services

• The FSC’s Chairman elaborated on the organization’s stance today.
• In order to become the global crypto center, East Asia is actively courting crypto investors.

A month ago, Huang Tien-mu, chairman of Taiwan’s Financial Supervisory Commission, made it official that the commission would be responsible for crypto regulation in the region. There are two financial watchdogs in Taiwan.

The Central Bank of the Republic of China and the FSC. Foreign exchange laws and monetary policy are specifically the purviews of the former. The latter serves a broader audience and is concerned with issues like securities and futures trading, banking, and AML. The FSC’s Chairman elaborated on the organization’s stance today.

Courting Crypto Investors

By the end of the next quarter, one can expect to see the “Banking Industry Trading Crypto” rules published. This would pave the way for the widespread availability of banking services for crypto trading among Taiwan’s conventional financial institutions.

It is worth noting that the Securities Futures Commission in Hong Kong is also working to increase oversight. In addition, licensing standards for cryptocurrency exchanges will be released in May 2023.  No doubt, in order to become the global crypto center, East Asia is actively courting crypto investors.

Members of the full legislative committee also wondered at the previous meeting whether there was a path and a way for international crypto trading platforms to debut in Taiwan. The chairman has not given any thought to listing them at the present time. He also highlighted that the committee would work methodically.

The commission added that a trading platform must be overseen by the FSC if it intends to attract business in Taiwan. The FSC now regulates around 27 domestic exchanges.