Taiwan’s Executive Yuan designated the Financial Supervisory Commission as the regulatory authority for virtual currencies and established the Fintec

Taiwan Executive Yuan designated the Financial Supervisory Commission (FSC) as the regulatory authority for virtual currencies. Taiwanese legislators suggested that in order to protect investors who invest in virtual currencies and other new financial technologies, the FSC should establish a financial technology bureau within the fifth division.

FSC Chairman Huang Tien-mu stated that the Executive Yuan has indeed instructed the FSC to conduct research and is currently evaluating the proposal. The first step is to study the benefits of establishing a fixed bureau to assist the development of the financial industry, and to attempt to accept new businesses within the approved quota for increasing personnel.

Legislator Guo Guo-wen urged the FSC to establish a financial technology bureau, stating that new forms of financial technology are emerging in the country, but fraud groups continue to use new forms of technology to commit fraud. The establishment of a financial technology bureau would increase regulatory manpower and capacity, and bring new forms of financial technology under regulatory oversight. Executive Yuan President Chen Chien-jen has also promised to study and evaluate manpower for fraud prevention.

As previously reported by Golden Finance, the FSC in Taiwan will propose guidelines for virtual asset platforms and trading businesses, and legislator Guo Guo-wen has called for the establishment of a financial technology bureau to handle financial technology and virtual asset businesses.