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Legislative Assembly of Taiwanadopted legislative amendments according to which the Financial Services Commission of Taiwan (FSC) will be able to form a new department to work with digital assets.
The department will be created in addition to the existing four divisions overseeing insurance, securities and futures, banking and auditing companies.
The department has already announced that the amendedThe regulatory framework implies new rules for cryptocurrency firms, namely: separate storage of client funds and company assets. The creation of the new FSC department is aimed at ensuring the protection of users investing in crypto assets, as well as preventing money laundering through cryptocurrencies.
Virtual Asset Agency, operatingwithin the FSC, will also be able to conduct comprehensive research on crypto assets and discuss their development without disturbing the stability of the Taiwan financial market.
Let us recall that in 2021, the Taiwanese government tightened regulation of the industry, classifying token-shares as securities, and cryptocurrency companies as traditional finance.
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