Taiwan’s Financial Supervisory Commission has confirmed that it will become the main cryptocurrency regulator in the country.
This upcoming cryptocurrency legislation was revealed to lawmakers in Taiwan’s parliament as part of a hearing about global banking stability. However, reports cited by coindesk.com revealed that the FSC will not be regulating NFTs, as they are still emerging as an asset class.
Officials from XREX, a Taipei-based TradeTech fintech, brought up the extendibility and composability of NFTs as well as their ability to represent a broad spectrum of things such as commercial products, securities, and commodities. They also highlighted that the FSC will likely require more time to develop a proper set of NFT classification guidelines. XREX officials called for the virtual asset service provider industry to work with the FSC to define regulatory operations and to help form an industry self-regulatory body to help develop a set of rules.
There are two financial regulators in Taiwan, namely the Central Bank of the Republic of China and the…