Taiwan authorities will allow banks to trade cryptocurrency

The corresponding bill will be released in September

28.04.2023 - 09:30

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What’s new? Taiwan’s Financial Supervisory Commission (FSC) will allow traditional financial institutions to provide tools for trading digital assets. The regulator will introduce a regulatory document titled “Buying and Selling Cryptocurrencies in Banking” in September, BlockTempo reports. Until then, banks are prohibited from cooperating with crypto exchanges and providing crypto services.

BlockTempo’s material

What else is known? Going forward, crypto firms will need an FSC license to operate in Taiwan. According to BlockTempo, there are currently 27 local digital asset platforms under its authority. A spokesman for the regulator also said that the authorities are looking into launching a national cryptocurrency exchange.

FSC Chairman Huang Tien-mu added that the new legislation would protect local investors in situations like the FTX crypto exchange crash.

In March 2022, Taiwan’s MaiCoin crypto exchange was valued at $400 million in a Series C funding round. Back then, the platform was considering going public on the Nasdaq stock exchange within two years.

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