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Taiwan Legislators Push for Central Authority to Supervise Cryptocurrency Before May 16

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It is reported that Zeng Mingzhong, a legislator of Taiwan, China and former chairman of the Financial Supervision and Regulation Commission (FSC), said at the…

Taiwan Legislators Push for Central Authority to Supervise Cryptocurrency Before May 16

It is reported that Zeng Mingzhong, a legislator of Taiwan, China and former chairman of the Financial Supervision and Regulation Commission (FSC), said at the meeting that legislators met last month and submitted a request to the Cabinet of the Executive Yuan that Taiwan must authorize the central authority to supervise cryptocurrencies before May 16. Zeng Mingzhong said that the Cabinet may authorize the FSC or the newly established Department of Digital Affairs (MODA) as the central authority to manage the industry.

Taiwan legislator: Taiwan must authorize the central authority to supervise cryptocurrency before May 16

Interpretation of the news:


Taiwanese legislators have recently set a deadline for the authorization of a central authority to regulate cryptocurrencies before May 16. Zeng Mingzhong, a legislator and former chairman of the Financial Supervision and Regulation Commission, disclosed that a request has already been submitted to the Cabinet of the Executive Yuan to manage the industry which has been a subject of increasing scrutiny in the country.

The move to authorize the central authority was driven by the need to ensure investor protection, prevent money laundering, and maintain financial stability. Currently, cryptocurrency trading and exchanges are allowed in Taiwan, but there is a lack of effective and comprehensive rules and regulations to govern the industry. This has resulted in potential regulatory gaps and loopholes that can be exploited for illegal activities, which is a huge concern for the government and the public.

The Cabinet has the option to choose between two agencies to supervise cryptocurrencies, which Include the Financial Supervision and Regulation Commission (FSC) or the newly established Department of Digital Affairs (MODA). Despite the potential candidates for the said central authority, a spokesperson from the FSC said that the establishment of MODA could delay the process of supervision and suggested utilizing the existing framework of the FSC, as it already has legal and technical expertise in the financial industry.

The recent development is perceived positively by stakeholders in the industry, as it is a step forward for Taiwan to regulate cryptocurrency activities, ensuring investor protection, and consumer confidence. This would also promote innovation and investment in the budding sector, attracting more legitimate business activities while deterring fraudulent ones.

In conclusion, Taiwan has taken a step forward in regulating the cryptocurrency industry and ensuring that the public interest is protected. The establishment of a central authority is a welcome development, as it will provide clear guidelines and regulations to govern activities in this thriving sector, contributing to the growth and development of the industry while preventing illegal activities.

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