Cointime

Download App
iOS & Android

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

  • Wechat scan to share

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.

FSC Chairman Huang Tien-mu stated that the Executive Yuan has indeed instructed the FSC to conduct research and is currently evaluating the proposal. The first step is to study the benefits of establishing a fixed bureau to assist the development of the financial industry, and to attempt to accept new businesses within the approved quota for increasing personnel.

Legislator Guo Guo-wen urged the FSC to establish a financial technology bureau, stating that new forms of financial technology are emerging in the country, but fraud groups continue to use new forms of technology to commit fraud. The establishment of a financial technology bureau would increase regulatory manpower and capacity, and bring new forms of financial technology under regulatory oversight. Executive Yuan President Chen Chien-jen has also promised to study and evaluate manpower for fraud prevention.

As previously reported by Golden Finance, the FSC in Taiwan will propose guidelines for virtual asset platforms and trading businesses, and legislator Guo Guo-wen has called for the establishment of a financial technology bureau to handle financial technology and virtual asset businesses.

Comments

All Comments

There are no comments yet, why not be the first?

Recommended for you

  • CointimeSG ·

    Jupiter to Issue $612M JUP Tokens in Wednesday Airdrop

    Jupiter, a Solana-based decentralized exchange, will airdrop 700 million JUP tokens to its community on Wednesday in what it is calling the "largest airdrop in history."
  • CointimeSG ·

    22 Japanese enterprises launch joint NFTs with Hello Kitty creator

    If non-fungible tokens (NFTs) are meant to be dead, the Japanese haven’t got the memo! NTT Digital has collaborated with Hello Kitty creator Sanrio and its “HAPIDANBUI” unit to launch a joint NFT collection and wellness campaign with 22 enterprises.
  • CointimeSG ·

    Seeking Liquidity

    Following two months of consolidation, Bitcoin has broken upwards from its rangebound conditions and surged to a new ATH of $109k. In this article, we evaluate the conditions leading into this move to demonstrate signals of impending volatility.
  • Dennis Porter: At least 13 states are developing “strategic bitcoin reserve” legislation

    Satoshi Action Fund (SAF) co-founder and CEO Dennis Porter stated in a post on X platform that it can be confirmed that at least 13 states are drafting legislation for "strategic bitcoin reserves". January will be a record-breaking month for bitcoin policy.
  • Satoshi Act Fund Co-founder: Another "Bitcoin Strategic Reserve" bill will be launched next week

    Dennis Porter, co-founder and CEO of the Bitcoin advocacy organization Satoshi Act Fund, announced on X platform that the team will launch another "Bitcoin Strategic Reserve" bill next week.
  • Hong Kong's Stablecoin Bill is gazetted and is expected to be submitted to the Legislative Council for first reading on December 18

    On December 6th, according to the Hong Kong Special Administrative Region Government News Bulletin, Hong Kong today published the "Stablecoin Regulation Bill" in the constitutional report to introduce a regulatory system for fiat currency stablecoin issuers in Hong Kong. The "Bill" aims to improve the regulatory framework for virtual asset activities to address the potential risks posed by fiat currency stablecoins to financial stability, ensure that users have sufficient protection, and leverage the benefits of virtual assets and related technologies. Under the proposed licensing system, anyone engaging in any of the following activities must first obtain a license from the Commissioner of Financial Management:
  • Trump: David Sacks will work to establish a legal framework for encryption to ensure that the encryption industry thrives in the United States

    Trump stated in his appointment letter to David Sacks that Sacks will be dedicated to establishing a legal framework that provides clarity to the cryptocurrency industry and enables it to flourish in the United States.
  • Australia’s financial regulator proposes new crypto rules, emphasizing risks and mitigation measures

     Australian Securities and Investments Commission (ASIC) has released a consultation paper suggesting updates to its regulatory guidelines for digital assets, with a focus on compliance requirements under the Corporations Act. The revisions to Information Sheet 225 (INFO 225) include 13 worked examples aimed at clarifying when digital assets qualify as financial products, such as stablecoins, packaged tokens, and staking services. In these examples, ASIC outlines scenarios involving exchange tokens, interest-bearing stablecoins, and tokenized assets such as concert tickets. The draft guidance proposes that classification depends on "inherent rights, interests, expectations, and product features that are offered together with the token." ASIC encourages cryptocurrency companies to apply for an Australian Financial Services License, providing them with a safe harbor from legal action.
  • Russian President Vladimir Putin officially signs digital currency tax law

    Russian President Vladimir Putin has signed a law regulating the taxation of digital currencies. According to the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments within the experimental legal framework (EPR) in the field of digital innovation. Mining and sales of digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities issuing cryptocurrencies for using their services. Failure to submit such information on time may result in a fine of 40,000 rubles. In terms of personal income tax, digital currencies obtained through mining will be classified as physical income (usually used when goods or services are paid for instead of currency). The value of the income currency will be determined based on market quotes. Such income will be subject to progressive taxation, taking into account tax deductions for mining costs. At the same time, the acquisition, sale or other circulation of digital currencies will be subject to two-stage personal income tax rates (13% for income up to 2.4 million rubles, and 15% for income exceeding this amount). They will be included in the same tax base as securities, bank deposits, and other sources of transaction income. As for corporate income tax, digital currency mining will be subject to the standard tax rate (25% from 2025 onwards).
  • Taiwan forces cryptocurrency providers to register for anti-money laundering

    after authorities imposed fines on two cryptocurrency exchanges for related violations, Taiwan, China has advanced new anti-money laundering (AML) regulations for cryptocurrency businesses. On November 27, the Financial Supervisory Commission (FSC) announced that the upcoming registration requirements for anti-money laundering for cryptocurrency exchanges would be postponed from the previous deadline of January 1, 2025 to November 30. According to previous notices, virtual asset service providers (VASPs) that have not registered with the government may face up to two years imprisonment or a maximum fine of NT$5 million (US$155,900).