According to Tien-mu Huang, chair of the Financial Supervisory Commission, Taiwan is exploring the idea of implementing a special law to regulate the cryptocurrency industry. The results of this study are anticipated to be released in September of this year.
Huang stated that due to the delicate nature of the connection between traditional finance and cryptocurrency, it is important for the regulator to handle the situation with caution.
The plan is to have a dedicated law that specifically addresses the unique challenges of the crypto sector. Additionally, the FSC is currently focused on protecting investors and is working with local crypto companies to establish a self-regulatory organization that will address any issues that arise.
While Taiwan does have anti-money laundering laws in place for crypto service providers, the industry as a whole remains largely unregulated. In 2023, the FSC released guidelines urging the crypto industry to establish its own self-regulation through a potential industry association.
