Taiwan’s Ministry of Economy Define Clear Categories for Crypto Businesses.
Taiwan’s Ministry of Economy (MOEA) has made a clear classification of cryptocurrency firms doing crypto-related activities. Taiwan’s Legislature believes that there should be clear provisions to protect the local investor from cryptocurrency-related risks.
In a Cabinet meeting on Monday, the MOEA concluded that “cryptocurrency businesses will be listed under the category of “finance, insurance, and real estate” as “virtual currency platforms and trading businesses” rather than under the category of “software design services.”
The Financial services commission (FSC) of Taiwan has been designated as the responsible body for regulating the cryptocurrency industry, which will work with tax authorities and law firms to develop regulations that can be followed by cryptocurrency and blockchain firms.
Taiwan strengthens cryptocurrency regulation. The Financial Supervisory Commission (FSC) will serve as the main authority responsible and work with tax and law departments to set up rules to regulate the evolving but volatile cryptocurrency market.https://t.co/AFLH7b8IhS
— Wu Blockchain (@WuBlockchain) November 15, 2021
Taiwan’s FSC began building a regulatory framework for stock token offerings (STOs) back in 2019, and for ICO regulation in 2018.
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