Taiwan’s Financial Supervisory Commission (FSC) has set up a Financial Technology Bureau to oversee cryptocurrencies to protect investors and increase regulation, according to a Taiwanese news report by United Daily News (UDN).
FSC chairman Huang Tien-Mu has confirmed the Executive Yuan Council which is responsible for overseeing statutory and budgetary bills in Taiwan has asked the regulatory body to form the Financial Technology Bureau overseeing cryptocurrencies as the country moves closer to strengthening crypto regulation, reports UDN.
The FSC and Executive Yuan Council were unavailable for comment.
Taiwanese politician and legislator Kuo Kuo-Wen recently called on the FSC to establish a Financial Technology Bureau, expressing that new forms of financial technology are emerging in the country, and several fraudulent groups are using the new forms of technology to harm investors.
The FSC-managed Fintech Bureau will be responsible for increasing regulation around the cryptocurrency market.
In Novemer, Taipei-based trading platform, Kronos Research suffered a cybersecurity breach, leading to a staggering $26 million loss in crypto assets. The hack was first reported by crypto on-chain sleuth ZachXBT, mapping out the fund outflow and confirming its magnitude.
The FSC is also exploring the possibility of introducing cryptocurrency exchange-traded funds (ETFs) and has revealed that it is closely studying foreign cryptocurrency futures products and ETFs. The intention is to gradually ease restrictions in alignment with global market conditions.
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