As part of an effort to calm the turbulence in the market, the Chairperson of the Financial Supervisory Commission of the Republic of China (Taiwan), Huang Tien-mu, announced on Monday that the Financial Supervisory Commission would be regarded as the highest authority in the nation to monitor cryptocurrency transactions there.
Crypto transactions under supervision
Notably, the Financial Supervisory Commission chairperson said that the commission would supervise the processes involved in crypto transactions and payments. On the other hand, he emphasized that the commission will not initially oversee the non-fungible tokens (NFTs).
The official announcement of the Financial Stability Commission (FSC) as the chief regulator of cryptocurrencies is expected to be made public as soon as possible, according to a person familiar with the situation but hesitant to reveal his identity due to the sensitive nature of the problem.
Notably, the whole cryptocurrency industry has been in a state of crisis for a considerable time, during the long crypto winter, particularly after the failure of the once-prominent cryptocurrency exchange FTX. As a result of the catastrophes that befell three financial institutions — Signature Bank, Silvergate Bank, and Silicon Valley Bank — the financial industry has also been plunged into a precarious position.
Crypto collaboration sparks change
Notably, the persons who have information on the topic noted that the FSC and Taiwan’s cabinet have been chatting and coordinating with other departments of the government and crypto representatives, discussing the urgency of the situation and the future strategies for the upcoming step.
In an exciting turn of events, Huang also said he would address the issue further with the authority and its officials. In addition, he said that the “self-discipline standards” will be considered by the appropriate industry. In addition to that, he shared with me that following the discussion with the cabinet, more formal information would be presented to the public.