FTX Taiwan users are left unattended! The Financial Supervisory Commission only focuses on anti-money laundering, Legislator Li Kuei-min: Allowing international organizations and individuals to harm Taiwanese investors.

Legislator Li Guimin angrily expressed to Financial Supervisory Commission Chairman Huang Tien-mu: "From April to November this year, without a regulatory authority, there will be no regulations."

By doing so, it is allowing international organizations or individuals to infringe on the investment rights of Taiwanese people, which I absolutely oppose.

Referring to the questioning records of the Finance Committee of the Legislative Yuan on November 14th, including Li Guimin, Wu Bing-Rui and other legislators who are concerned about the recent FTX incident, inquiring about what protection Taiwanese investors can receive. However, the Financial Supervisory Commission currently only has anti-money laundering and anti-terrorism financing regulations and a declaration of compliance by operators. Furthermore, most overseas platforms used by cryptocurrency investors are not regulated, which has caused great anger among the legislators.

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Financial Supervisory Commission: Institutions Not in Taiwan Are Not Under Our Jurisdiction

Legislator Li Guimin asked Huang Tianmu, Chairman of the Financial Supervisory Commission, about the significant FTX case where many investors in Taiwan have been affected, and how the Taiwan FSC will handle it.

Chairman Huang Tianmu responded that since the issuing institution is not in Taiwan, it is not within the jurisdiction of the Financial Supervisory Commission. Legislator Li Guimin expressed anger, stating that under the global economic system, including the cryptocurrency market, if the issuing institution is not regulated in Taiwan, then where are the rights of the investors?

Legislator: Are Influencers and KOLs Exempt? The U.S. SEC Doesn't Operate That Way!

Legislator Li Guimin further inquired, mentioning that the FSC had previously stated that recommending stocks on platforms like Line without the qualifications of an investment trust or advisor is illegal.

So, for new forms of trading like cryptocurrencies, are influencers and KOLs recommending exchanges and cryptocurrencies online exempt from regulation?

Legislator Li Guimin pointed out that many young people entered FTX exchange due to recommendations from influencers, and when the incident unfolded, Taiwan's regulatory authorities washed their hands of it, merely stating that investments should be made cautiously, which is not right.

Chairman Huang Tianmu responded: "The FSC manages the products proposed by our financial institutions, not all investment products fall under the FSC's jurisdiction."

Disappointed, Legislator Li Guimin stated that the U.S. SEC operates differently, with a broad definition of securities. If the FSC only regulates specific types, then where are the property rights of the Taiwanese people?

Chairman Huang Tianmu simply stated that the definitions of securities under U.S. securities laws and Taiwanese securities laws are different.

Minister of Finance: Investment Losses Can Be Declared for Deduction Next May

For the victims of the Taiwan FTX incident, can they offset losses for tax purposes?

Minister of Finance Su Jainrong replied to Legislator Li Guimin: "Individuals who have reported property transaction income in the past can offset losses when settling declarations next May; the same applies to enterprises."

Note: Reporting Investment Losses for Profit-Seeking Enterprises