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Parliamentarians in Taiwan want to ban cryptocurrencies



The regulatory authorities in Taiwan are coming under increasing pressure from MPs who crypto currencies want to ban. The country's MPs have been calling for stricter crypto regulation for some time. However, there is currently no official body in the country that can control the buying and selling of crypto assets.

In view of the MPs' call for a ban, many Taiwanese crypto investors fear a crackdown based on the Chinese model. However, regulators have since revealed that they prefer a more business-friendly approach.

According to a report in the China Times, the country’s financial regulator (FSC) chairman Huang Tien-mu has met with “important ministries” and government agencies. These include the Central Bank, the Ministry of Finance, the Ministry of Economic Affairs and the National Development Council. The meeting was about laying the foundations for managing crypto assets in Taiwan.

During the meeting, a MP asked the FSC and the Justice Department how they intend to deal with money laundering through cryptocurrencies. Huang explained that under current legislation, the FSC only has the power to regulate companies that offer security tokens and that it can only intervene in the event of money laundering fraud.

Opinions on measures against cryptocurrencies are divided

Huang said that two crypto exchanges that offer security tokens have already applied for trading permits and that a response from the FSC will be announced before the end of the month.

MPs urged that legal action be taken against six other exchanges if they do not apply for trading permits. One MP expressed concern about the volatile markets for major cryptocurrencies such as Bitcoin and Dogecoin. The MP concluded that coins like these "are not suitable for sale in Taiwan" and that they "should be controlled."

Huang responded to the MP's remarks by saying that Taiwan would be better off if it would wait and see. Other governments around the world seem to be taking the same approach. Huang concluded his meeting by saying, “It is true that there is no specific regulator in Taiwan that is responsible for digital currencies.

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