Taiwan’s Financial Supervisory Commission will be the main overseer of crypto currencies on the island, the head of the regulator said on Monday.
Huang Tien-mu told lawmakers in parliament that the Financial Supervisory Commission will initially be responsible for the supervision of payments and transactions, but will not cover NFTs, or “non-fungible tokens”.
Huang said he will discuss the details with other government departments as well as “self-discipline norms” with relevant industries.
Details will be announced after consultations with the cabinet, he added.
As cryptocurrency adoption continues to gain momentum in Asia and other parts of the globe, Taiwan’s financial watchdog, the Financial Supervision and Administration Commission (FSC), had mandated cryptocurrency exchanges and bitcoin-linked businesses in the region to comply with the existing anti-money laundering regulations in the country.
The measure includes, among others, that crypto exchanges in Taiwan will be required to report all transactions that exceed NT$500,000 ($17,800) to the authorities, while also putting in place proper KYC measures.