Latest | The Financial Supervisory Commission will announce the appointment of a director for virtual currency and NFT temporary digital development department by the end of March.

In a previous report, Legislator Tseng Ming-chung mentioned at the Fintech Trends Forum on February 23 that the Executive Yuan will definitely designate the regulatory authority for virtual currency in Taiwan by May 16, which may be the Financial Supervisory Commission focusing on supervision or the Department of Digital Development assisting in industry development.

During the Legislative Yuan's Finance Committee meeting on March 2, Legislator Kuo Kuo-wen questioned FSC Chairman Huang Tien-mu, who once again revealed that the Executive Yuan is making the final decision, and although the FSC will not cover all regulatory aspects, it will play a certain role.

Virtual Currency Regulation to be Handled by FSC

In a recent report by CNA, informed officials stated that after referencing countries such as the European Union, Singapore, Japan, South Korea, and Israel, it has been determined that the Financial Supervisory Commission (FSC) will oversee virtual assets and regulate the order of trading platforms.

They mentioned that the Executive Yuan could approve this as early as the end of March, with the latest announcement expected to be made in early April, and the FSC will provide further explanations at that time.

NFT to be Managed by the Digital Development Department Temporarily

Officials also mentioned that given the wide-ranging attributes of virtual assets, such as the broad application scope of NFTs, the preliminary plan is to treat them as applications for electronic signature certificates, to be managed by the Digital Department.

Possible Division of Regulatory Responsibilities Among Multiple Departments

The officials emphasized that virtual assets will not be regulated by a single department alone. The Executive Yuan is currently requesting the Digital Department to provide a detailed list of the ecosystem in the crypto field, and the details of regulatory division are still pending final approval. The potential regulatory framework could be as follows:

• Central Bank: Stablecoins

• FSC: Investment, payment-related matters

• Digital Department or other departments: Blockchain technology, NFTs

Possibility of Nothing Concrete Yet?

However, officials also mentioned that the government currently leans towards gradually strengthening regulatory efforts, with industry self-regulation still being the primary focus for now. The FSC will continue to gather international trends and formulate regulations before establishing specific laws in the end.