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Taiwan’s Financial Supervisory Commission plans to propose a draft law on virtual currencies in September

According to a report from United News Network, Huang Tianmu, the chairman of Taiwan's Financial Supervisory Commission, stated that the commission plans to propose a special law on virtual currency in September of this year. The purpose of this law is to more effectively regulate the virtual currency market and ensure the safety of investors. In addition, Huang Tianmu also mentioned the issue of fraud using virtual currency, stating that strict administrative penalties will be imposed on individual currency traders and overseas currency traders. Regarding the possibility of domestic investors investing in overseas Bitcoin ETFs, Gao Jingping, deputy director of the Securities and Futures Bureau, stated that the relevant research results will be announced in April.

Former President of Taiwan’s Executive Yuan: Relying solely on the self-discipline of encryption practitioners will eventually be a disaster

Former head of Taiwan's Executive Yuan and chairman of the New Generation Financial Foundation, Chen Chung, wrote that the current situation of the Financial Supervisory Commission (FSC) is awkward as it lacks a legal basis for regulatory authority. Despite having had two different leaders in the Executive Yuan, there has been no solution to this problem. While it is possible to rely on self-regulation by industry practitioners, without external regulation, it will ultimately lead to disaster.

Taiwan’s Executive Yuan designated the Financial Supervisory Commission as the regulatory authority for virtual currencies and established the Fintech Bureau

Taiwan Executive Yuan designated the Financial Supervisory Commission (FSC) as the regulatory authority for virtual currencies. Taiwanese legislators suggested that in order to protect investors who invest in virtual currencies and other new financial technologies, the FSC should establish a financial technology bureau within the fifth division.