The island’s top financial watchdog that will regulate crypto has been confirmed by the financial supervisory commission chairman. Being a supervisory commission as in charge, Taiwan will soon have special legislation to regulate cryptocurrency. During a hearing about global banking stability, Huang Tein-mu confirmed this to lawmakers in Taiwan’s parliament. Bloomberg initially reported to FSC (financial supervisory commission) that it was set to be announced as the regulator, citing sources in the legislature. Wayne Huang, co-founder, and CEO of XREX welcome the news that the industry can grow when it’s regulated. 

  “Our next steps would be for the virtual asset service provider industry to collaborate with the FSC to define regulatory operations,” he said, saying one of the first steps is to form an industry self-regulatory body to help develop a set of rules. “The FSC won’t be regulating NFTs”, said Wayne Huang. Local Taiwan media report said that Huang said that NFTs are emerging as an asset class. Hence, it’s too early to regulate them. “Due to the extendability and composability of NFTs, they can represent a broad spectrum of things ranging from commercial products to commodities to securities. Therefore the FSC likely needs more time to develop a proper set of NFT classification guidelines,” Huang adds.