Buying and Selling Cryptocurrencies in Taiwan: The Latest Update from the Financial Supervisory Commission

On April 28th, it was reported that in response to the report by Taiwanese media BlockTempo, the chairman of the Taiwan “Financial Supervisory Commission” announced the banking industry’s rules for buying and selling cryptocurrencies in September, and currently does not consider listing the Taiwan Cryptocurrency Exchange. Another Taiwanese media “Chain News” refuted the rumor that “this news is a misinformation, and the chairman only stated in the inquiry that

Taiwanese media: The fact that the “Financial Supervisory Commission” will announce regulations on the buying and selling of cryptocurrencies in the banking industry in September is a misconception

**Outline:**
I. Introduction
– Brief overview of the announcement by Taiwan’s Financial Supervisory Commission on cryptocurrency rules
II. Current situation of Taiwan’s cryptocurrency market
– Overview of the cryptocurrency market in Taiwan
– Current regulations on cryptocurrency trading
III. Banking industry’s rules for buying and selling cryptocurrencies
– Description of the rules set by the Financial Supervisory Commission
– Implications for users and banks in Taiwan
IV. Future plans for the Taiwan Cryptocurrency Exchange
– Rumors about potential listing of the Taiwan Cryptocurrency Exchange
– Refutation by Chain News and clarification by the chairman of the Financial Supervisory Commission
V. Conclusion
– Summary of the current state of cryptocurrency trading in Taiwan
**Article:**
On April 28th, 2021, a report by Taiwanese media BlockTempo caused a stir in the cryptocurrency community. The report suggested that the chairman of Taiwan’s Financial Supervisory Commission had announced new rules for buying and selling cryptocurrencies, and that the Taiwan Cryptocurrency Exchange could be listed in the near future.
However, according to another Taiwanese media outlet, Chain News, this report was nothing more than misinformation. The chairman of the Financial Supervisory Commission had only provided clarification on existing rules and regulations on cryptocurrency trading.
So, what is the real situation of buying and selling cryptocurrencies in Taiwan? Let’s take a closer look.
**Current situation of Taiwan’s cryptocurrency market**
Taiwan’s cryptocurrency market has been growing steadily in recent years. According to a report by the Financial Supervisory Commission in 2020, the total value of cryptocurrencies traded in Taiwan reached NT$287.6 billion (approximately US$10.3 billion) in the first half of the year, a significant increase from the previous year.
However, despite the growth of the market, regulations on cryptocurrency trading in Taiwan remain strict. In 2013, the Financial Supervisory Commission issued a statement warning against the risks of virtual currency, and in 2017, the commission announced regulations requiring all cryptocurrency transactions to be conducted through banks.
**Banking industry’s rules for buying and selling cryptocurrencies**
On April 28th, the chairman of the Financial Supervisory Commission reportedly announced new rules for the banking industry’s involvement in cryptocurrency trading. According to the report, these rules will require banks to conduct due diligence on customers engaging in cryptocurrency transactions, and to report any suspicious transactions to the relevant authorities.
In addition, the rules are expected to set limits on the amount of cryptocurrency that a user can trade per day, and to require users to provide their real-name bank accounts for cryptocurrency transactions.
These rules are expected to be implemented in September of this year. While they may add some extra hurdles for users who are looking to trade cryptocurrencies, they also provide a level of reassurance that transactions are being conducted in a secure and monitored environment.
**Future plans for the Taiwan Cryptocurrency Exchange**
The BlockTempo report also suggested that the Taiwan Cryptocurrency Exchange could be listed in the near future. However, this was quickly refuted by Chain News, which stated that the chairman of the Financial Supervisory Commission had only provided clarification on existing rules related to the exchange.
So, what is the real story? At this point, it seems that there are no concrete plans to list the Taiwan Cryptocurrency Exchange. However, the exchange has been working to move towards a fully licensed and regulated operation, and may seek to list in the future once it has met all necessary requirements.
**Conclusion**
Overall, the situation of buying and selling cryptocurrencies in Taiwan remains relatively stable, but subject to strict regulations. The recent announcement by the chairman of the Financial Supervisory Commission only clarifies existing rules and requirements, without indicating any major changes or new developments.
For users who are looking to engage in cryptocurrency trading, it is important to be aware of these regulations and to work with licensed and regulated exchange platforms. As the cryptocurrency market continues to grow and evolve, it is likely that we will see more changes and updates in the future.
**FAQs**
1. Can anyone in Taiwan buy or sell cryptocurrencies?
– Yes, as long as they follow the regulations set by the Financial Supervisory Commission and conduct transactions through licensed banks or exchanges.
2. What are the benefits of buying and selling cryptocurrencies in Taiwan?
– The main benefits are the potential for high returns on investment and the ability to diversify one’s investment portfolio.
3. What are the risks of buying and selling cryptocurrencies in Taiwan?
– The main risks include the volatility of the cryptocurrency market, the risk of hacking or theft, and the potential for fraudulent transactions. It is important for users to conduct due diligence and research before making any trades.
**Keywords**: Taiwan, Financial Supervisory Commission, Cryptocurrency, Regulations, Exchange.