Based on statements made by Huang Tien-mu during a hearing on global #banking stability, Taiwan's Financial Supervisory Commission (FSC) would soon regulate bitcoin with new legislation.
Bloomberg first reported the FSC's position as a regulator, citing legislative sources. Huang indicated that the sector's regulation will be a collaborative effort with the FSC to establish a set of norms, with the formation of an industry self-regulatory body being one of the first steps. However, sources indicate that the FSC will not regulate #NFTs for the time being because they are still a new asset class.
Wayne Huang, CEO of XREX, commented on this, stating that the FSC requires more time to produce adequate NFT classification criteria due to the extendability and composability of NFTs. The Central Bank of the Republic of #China is in charge of monetary policy and foreign exchange laws, while the FSC is in charge of banking, securities and futures, and anti-money laundering.
Wayne Huang, CEO of XREX, commented on this, adding that due to the extendability and composability of NFTs, the FSC requires additional time to create suitable NFT categorization criteria. The FSC is in responsible of banking, securities and futures, and anti-money laundering, whereas the Central Bank of the Republic of China is in charge of monetary policy and foreign exchange rules.