FSC's Securities and Futures Bureau: Regulation modeled after the UK, "Many businesses would face enforcement" if following the US model

The "2023 Taiwan Virtual Economy Forum" successfully concluded on the 23rd. Gao Jingping, Deputy Director of the Securities and Futures Bureau of the Financial Supervisory Commission of Taiwan, stated that virtual assets are considered a high money laundering risk by international anti-money laundering organizations. The Financial Supervisory Commission is still deliberating on how to regulate them, currently following the anti-money laundering model of the "UK mode".

2023 Taiwan Virtual Economy Forum | Former Premier Chen Chong: Taiwan should pave the way for stablecoins, and regulation must not be lax.

Taiwan's Regulation Could Lead to Prosecution for Many Companies if Following the U.S. Model

Recently, the case of Binance in the U.S. has drawn significant attention. It is believed that regulations should be tailored to each jurisdiction. If Taiwan were to adopt the U.S. model and classify virtual assets as "securities" directly under the Securities Exchange Act and Commodity Exchange Act, most companies might face legal action.

Currently, Taiwan is referencing the UK model, focusing on anti-money laundering frameworks. However, it is acknowledged that investor protection measures were not adequately addressed in the initial stages.

Legislator Ming-Chung Tseng: Special Legislation Tends to Not Pass Due to Lack of Investor Protection

During the same forum, Legislator Ming-Chung Tseng mentioned that the Taiwan cryptocurrency special law draft, which had previously passed the first reading in the Legislative Yuan, is currently leaning towards "not passing." The main reasons are concerns over financial consumer protection regarding virtual assets and the unclear definitions of financial investment and payment.

Legislator Ming-Chung Tseng: Taiwan's Cryptocurrency Special Law Currently Leans Towards Not Passing

Reference to UK Cryptocurrency Regulation

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UK Financial Services and Markets Act FSMA Officially Effective, Strengthening Cryptocurrency Regulation, Supporting Safe Adoption in the UK

Attention to Cryptocurrency Promotion in the UK! Criminal Liability for Unauthorized Individuals or Unregistered with FCA

Crypto Memes Triggering Alert! UK Regulatory Body: Memes May Be Considered as Investment Sales Tactics

Enhanced Regulation! UK FCA: New Review Requirements for Financial Advertisements, Companies Must Apply Within a Deadline