The Financial Supervisory Commission announced 9 major regulatory virtual assets.

(Schematic, AFP)

[Reporter Ou Yuxiang/Taipei Report] The Financial Supervisory Commission officially announced that it will regulate virtual assets in nine major areas. Taiwan’s cryptocurrency exchanges and related industries will bear the brunt. However, for the current direction of the Financial Supervisory Commission, most of Taiwan’s three major exchanges have established supporting measures , The specific details and the tightness of the regulations are still the key. Experts also remind that the government's supervision from the standpoint of protecting consumers is worthy of recognition, but the supervision efforts should still retain the room for industrial innovation.

Peng Shaofu, chairman of the Taiwan Blockchain University Alliance, said that in addition to the nine major supervision aspects, the focus is also on the Financial Supervisory Commission’s announcement that it will promote industry self-discipline, and that it has not “grasp” the supervision of virtual assets, leaving a certain amount of room for industrial development.

With regard to the 9 supervision aspects, except that the review of goods on and off shelves must wait for the release of regulatory details, which may have a greater impact on the exchange, the rest, such as information disclosure, asset separation, and money laundering prevention, are all things that exchanges and related industries should have. Basic measures to implement.

Please read on...

Ge Rujun, an adjunct assistant professor at the Network Multimedia Research Institute of National Taiwan University, said that it is not easy to manage the virtual industry and supports management from the standpoint of protecting consumers. However, blockchain and NFT (non-valuable token) applications continue to innovate, calling on supervisors to retain the industry The flexibility of development also allows Taiwan's blockchain industry to continue to move forward.

Peng Shaofu also pointed out that the Financial Supervisory Commission is still unable to supervise overseas exchanges. If the 9 major companies are too strict in the supervision details, in addition to inhibiting the development of Taiwan exchanges, it may also make Taiwanese investors flow to large overseas exchanges such as Binance, and it will be impossible to achieve "protection". The original intention of the supervision of "investors", the scale must be extremely precise.

Cryptocurrency transactions are frequently controversial. Taiwan’s local exchanges continue to promote investor protection measures and improve internal audits and internal controls. Taiwan’s MaiCoin has implemented fiat currency trust and virtual currency insurance, and has also implemented product listing reviews, which have basically ensured that the products on the platform Credible, MaiCoin CEO Liu Shiwei also said that he is happy to see virtual asset management, which can help industries and industry innovations move towards the mainstream.

Wang Hongxuan, CEO of ACE Exchange, said that ACE has fiat currency trust conducted by KGI Bank and the CYBAVO cryptocurrency wallet system, which continues to strengthen the security of user assets, and the organization audit has also been commissioned by an accounting firm. However, he also pointed out that , ACE is willing to cooperate with relevant supervision policies, and hopes that the specific details will be announced as soon as possible, and the industry should be appropriately given room for self-discipline.

Bitto said that it has always been willing to cooperate with the supervision and hopes that the competent authority will assist in improving the industrial ecology. However, investors are already protected in legal exchanges. It is suggested that the Financial Supervisory Committee can establish and improve regulations step by step and communicate with relevant industry players. It should also find ways to manage Overseas exchanges to further protect the rights and interests of investors.

Grasp the pulse of the economy with one hand I subscribe to Free Finance Youtube channel

Already added friends, thank you

Welcome to 【Free Finance】

feel good

Already liked it, thank you.

related news