Taiwan To Strengthen Cryptocurrency Regulations

Taiwan To Strengthen Cryptocurrency Regulations

The economic affairs ministry of Taiwan has created a regulatory framework for businesses related to the cryptocurrency industry or digital assets.

In the last two years, companies working with cryptocurrencies, including trading and mining, have expanded significantly due to the massive and rapid growth of the industry in general.

On Monday, the ministry decided to list all cryptocurrency-related businesses under the category of "finance, insurance and real estate" as "virtual currency platforms and trading businesses." Previously, all businesses related to digital assets were listed under the category of "software design services."

The change of the category leveled a significant amount of regulations on crypto-related companies that will now have to work under different policies and stricter regulatory oversight.

The main responsibility for the regulation will be in the Financial Supervisory Commission. The regulator will be responsible for taxation and controlling law departments that will develop a new set of rules for crypto-related companies.