One of the few ‘cryptocurrency havens’ to create a new set of rules for companies working in the cryptocurrency arena
The economic affairs ministry of Taiwan has created a regulatory framework for businesses related to the cryptocurrency industry or digital assets.
Over the past couple of years, businesses working with cryptocurrencies, including trading and mining, have grown tremendously 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 companies related to digital assets were listed under the “software design services” category.
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 regulatory responsibility will rest with 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.
