Article reading time:
1 min.
related article: He was bullied at school but now lives a lavish lifestyle thanks to trading in Bitcoin and other cryptocurrency
The Taiwan Legislative Assembly has passed legislative amendments that will allow the Taiwan Financial Services Commission (FSC) to form a new department to deal with digital assets.
related article: Australian investor bought a 2,800sqm property in Charleville with money he earned by innovative financial tool
The department will be created in addition to the existing four divisions overseeing insurance, securities and futures, banking and audit companies.
The agency has already announced that the modifiedthe regulatory framework implies new rules for cryptocurrency firms, namely: separate storage of client funds and company assets. The creation of a new FSC department aims to ensure the protection of users investing in crypto assets, as well as to prevent money laundering through cryptocurrencies.
The Virtual Asset Agency operating within the FSC will also be able to conduct comprehensive research on crypto assets and discuss their development without disrupting the stability of Taiwan's financial market.
Recall that in 2021, the government of Taiwan tightened regulation of the industry, classifying token-shares as securities, and cryptocurrency companies as traditional finance.
Read this:
CPA Institute creates an expert committee for working with digital currencies
Google Cloud has created a division for working with digital assets
Taiwan authorities banned payment of cryptocurrency with bank cards
UK Crime Agency Opens Cryptocurrency Desk
Taiwan tax authorities may deduct losses from FTX users when filing tax returns
Blockchain contributes to money laundering, according to the Swiss financial regulator