Taiwanese MPs push for a crypto ban as regulatory suggests a progressive approach. | Invezz

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Taiwanese MPs want their regulators to apply crypto regulations to avoid crypto-related money-laundering risks and legal compliance-related matters.

In response to the MPs’ push, Taiwanese regulators acknowledged that currently there is no official body in the country with policy power over cryptocurrency firms, and instead a more business-friendly approach would do.

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Following the developments, Financial Supervisory Commission (FSC) chairman Huang Tienmu met with major government organs and ministries to lay a foundation for crypto assets management in the country.

Money-laundering risks and legal compliance issues

The government organs and ministries met with the National Development Council, Central Bank, the Ministry of Economy, and the Ministry of Finance on the matter by lawmakers on the finance-related committee.

The chairman answered one of the MPs on the issue of money-laundering risks and legal compliance by saying that the FSC only has power over firms offering security token offerings (STOs) but can intervene in instances of money laundering.

Another MP said that the prices of tokens such as dogecoin (DOGE) and bitcoin (BTC) are not suitable for sale in Taiwan since they are highly volatile and can be manipulated.

Huang responded implying that international governments were having close supervision and the same will apply to them.

The FSC chief also said that the regulators currently cannot exercise any power over tokens or any other entity in Taiwan since crypto is not classified as a financial asset but a general commodity.

Huang said:

‘’it is correct that there is no specific [regulatory] authority that has authority over virtual currencies in Taiwan.’’

Application for trading permits

Huang said that two crypto exchanges that deal with STO-type offerings applied for trading permits and FSC will respond on that before the end of the month.

Lawmakers insisted that legal action will apply if they fail to apply for trading permits.

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