"NFT unregulated? Kuomintang legislator Li Kui-min questions, Taiwan Premier Su Tseng-chang: Establish a regulatory body for NFT within a month"

According to a report by Minsheng News, on April 1st, Kuomintang legislator Li Guimin questioned the thriving development of NFT trading while Taiwan lacks a regulatory authority. Premier Su Tseng-chang promised to complete an inventory within one month and establish a regulatory authority for NFTs.

Legislator Inquires: Should NFT Transactions be Taxed?

The Minister of Finance, Su Jianrong, responded that NFTs are considered goods and are subject to business tax; if a trading platform charges a commission, it is also subject to taxation under the Business Tax Act.

FSC Chairman Huang Tianmu: NFTs are Art Goods

In late March, Kuomintang legislator Li Guimin also inquired with FSC Chairman Huang Tianmu about the regulatory authority for NFTs. Huang Tianmu responded that NFTs are art goods, and the FSC is not the unit in charge of art goods, therefore unable to make judgments at the moment. There is no international consensus on related regulations, and premature intervention may also restrict its development.

Following Ukraine in Accepting Cryptocurrency as Donations?

Legislator Li Guimin stated that cryptocurrencies and NFTs have economic benefits, and the government should take them seriously and intervene to protect investors. In addition, she also asked Premier Su Tseng-chang whether Taiwan could accept cryptocurrency political donations. Su Tseng-chang replied that a response would require further research and clarification.

Recently, legislator Li Guimin posted on Facebook expressing concerns about the regulatory authority for virtual currencies and NFTs. Various ministries have been passing the responsibility to each other, claiming not to be the regulatory unit, allowing negative events such as scams and fraud related to virtual currencies to proliferate and resulting in a continuous stream of victims.