Taiwan first announced at the end of March that the Financial Supervisory Commission would serve as the main regulator for virtual assets in general and their exchanges

According to Taiwan’s “Central News Agency” (CNA), Taiwan’s Executive Yuan will announce at the end of March or early April that the Financial Supervisory Commission (referred to as the Financial Supervisory Commission) will serve as the main regulatory agency for general virtual assets and their exchanges. The Executive Yuan and the FSC have been working with other government departments and talking to industry representatives to come up with a concrete plan. Officials from the Political Yuan stated that referring to countries such as the European Union, Singapore, Japan, South Korea, and Israel, where financial supervisory agencies assume the role of virtual asset supervision, the Inter-Ministry Committee of the Political Yuan will coordinate and determine that the Financial Supervisory Commission will manage virtual assets and supervise the order of trading platforms. Informed officials revealed that the current tendency is to adopt a phased supervision intensity. First, the industry’s self-regulatory regulations will take the lead. In addition, the Executive Yuan initially plans to hand over the use of NFT as an electronic signature certificate to the Digital Department for management.