On Monday, the head of the Financial Supervisory Commission (FSC) in Taiwan, Huang Tien-mu, said that the authority will be the prime authority to supervise the crypto transactions.
While addressing parliament, Huang Tien-mu told lawmakers that the Financial Supervisory Commission will initially take charge of the supervision of crypto payments and transactions. However, the authority will not be accountable for non-fungible tokens-related transactions.
However, a brief discussion about the regulatory’s role in the cabinet is still ongoing.
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Huang Tien-mu mentioned that he will share details with the respective government department and discuss the “self-discipline norms” with relevant industries.
As the crypto market cap is taking a slow walk, different regulators across the world are making a concerted effort to regulate digital assets. Though, some regulators are working on a plan to kill crypto speculation behind the doors in the name of consumer protection.
