United

Yuan

Daily

Source: Pixabay 
Taiwan’s Financial Supervisory Commission (FSC) has set up a Financial Technology Bureau to oversee cryptocurrencies to protect investors and increase regulation, according to a<a href="https://udn.com/news/story/7239/7634261"> Taiwanese news report</a> by United Daily News (UDN). 
FSC chairman Huang Tien-Mu has confirmed the<a href="https://english.ey.gov.tw/Page/E43650B2CB14861B"> Executive Yuan Council</a> which is responsible for overseeing statutory and budgetary bills in Taiwan has asked the regulatory body to form the Financial Technology Bureau overseeing cryptocurrencies as ​​the country moves closer to strengthening crypto regulation, reports UDN. 
The FSC and <a href="https://english.ey.gov.tw/Page/E43650B2CB14861B">Executive Yuan Council</a> were unavailable for comment. 
Taiwanese politician and legislator Kuo Kuo-Wen recently called on the FSC to establish a Financial Technology Bureau, expressing that new forms of financial technology are emerging in the country, and several <a href="https://udn-com.translate.goog/search/tagging/2/%E8%A9%90%E9%A8%99%E9%9B%86%E5%9C%98?_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=en-US&amp;_x_tr_pto=wapp">fraudulent groups</a> are using the new forms of technology to harm investors. 
The FSC-managed Fintech Bureau will be responsible for increasing regulation around the cryptocurrency market. 
In Novemer, Taipei-based trading platform, Kronos Research <a href="https://cryptonews.com/news/taiwanese-crypto-trading-firm-suspends-operations-following-26-million-hack.htm">suffered a cybersecurity breach,</a> leading to a staggering $26 million loss in crypto assets. The hack was first reported by crypto on-chain sleuth ZachXBT, mapping out the fund outflow and confirming its magnitude. 
The FSC is also <a href="https://cryptonews.com/news/taiwan-to-consider-crypto-etfs-based-on-global-trends.htm">exploring the possibility of introducing c</a>ryptocurrency exchange-traded funds (ETFs) and has revealed that it is closely studying foreign cryptocurrency futures products and ETFs. The intention is to gradually ease restrictions in alignment with global market conditions. 
&nbsp;

Taiwan’s FSC Sets Up Financial Technology Bureau to Oversee Crypto: Report

Cryptonews.com

Other articles published on Dec 12, 2023

Analyst bullish on Dogecoin, traders back Meme Kombat’s MK token

What China and Vietnam’s new friendship means for the United States

Montenegro Prolongs Detention of Terraform Labs Co-Founder Do Kwon

Cardano’s Bullish Breakout Hits Critical Resistance Point – What’s Next for the ADA Price?

“A Great Sign for Bulls”: Santiment Reports Rise in USDT on Exchanges

An In-depth Analysis of Arbitrary Address Spoofing Attacks

Join our free newsletter for daily crypto updates!