Taiwan legislator: Taiwan must authorize the central authority to supervise cryptocurrency before May 16

It is reported that Zeng Mingzhong, a legislator of Taiwan, China and former chairman of the Financial Supervision and Regulation Commission (FSC), said at the meeting that legislators met last month and submitted a request to the Cabinet of the Executive Yuan that Taiwan must authorize the central authority to supervise cryptocurrencies before May 16. Zeng Mingzhong said that the Cabinet may authorize the FSC or the newly established Department of Digital Affairs (MODA) as the central authority to manage the industry.

Interpretation of this information:

Taiwan may authorize the central authority to supervise cryptocurrencies before May 16, according to Zeng Mingzhong, a legislator of Taiwan, China and former chairman of the Financial Supervision and Regulation Commission (FSC). At a recent meeting of legislators, he reported that a request was submitted to the Cabinet of the Executive Yuan, emphasizing the importance of regulatory oversight in the crypto industry. The authorization of a central authority was considered necessary to ensure greater transparency, integrity, and consumer protection in the market.

Zeng Mingzhong suggested that the Cabinet may authorize either the FSC or the newly established Department of Digital Affairs (MODA) as the central authority responsible for managing the industry. The FSC has a longstanding role in regulating financial institutions and markets, including the implementation of anti-money laundering policies and supervision of securities and futures trading. The MODA, on the other hand, was created in 2019 to address the challenges of emerging technologies, such as artificial intelligence, big data, and blockchain.

The importance of regulatory oversight in the crypto industry has been a topic of debate and concern in many countries around the world. While cryptocurrencies have the potential to promote financial innovation and inclusion, they also pose significant risks, such as fraud, money laundering, and market manipulation. Without proper oversight, investors may be susceptible to scams and fraudulent schemes, and the integrity of the market may be compromised.

Taiwan’s proposal to authorize a central authority to supervise cryptocurrencies may be seen as a positive step towards greater regulatory clarity and consistency in the market. By designating a specific agency or department to oversee the industry, relevant rules and guidelines can be established to ensure compliance and promote transparency. Additionally, the central authority can work with other international regulatory bodies to prevent cross-border crimes related to cryptocurrencies.

In summary, three keywords that summarize the content are regulatory oversight, central authority, and transparency. The proposal for Taiwan to authorize a central authority to manage the crypto industry highlights the importance of regulatory oversight in promoting transparency and consumer protection. By designating a specific agency or department to oversee the industry, relevant rules and guidelines can be established to ensure compliance and promote transparency.