Taiwan’s chief financial regulator, the Financial Supervisory Commission (FSC), is considering allowing crypto exchange-traded funds (ETFs) in the country, but only after analyzing the development of ETFs on other markets around the world. At the moment, the FSC considers itself “in the exploratory phase”.
According to report The FSC is closely monitoring developments in the United States, where the Securities and Exchange Commission will review a Bitcoin spot ETF in January and will take Canada’s example into account, the Commercial Times, a Taiwanese newspaper, published on December 5. Australia, where a local exchange already trades crypto ETFs.
The FSC has also reportedly approved the launch of several cryptocurrency futures commodities, which have been listed on the Toronto Stock Exchange, New York Stock Exchange, NASDAQ Exchange, Cboe, and the Hong Kong Stock Exchange, among others.
The FSC intends to gradually liberalize the rules for digital asset trading, but for now, it should rely on “self-discipline and regulation.” According to the report, Taiwan’s regulators have repeatedly blocked crypto ETF initiatives by local investment banks over the past years due to the high volatility of cryptocurrencies.
Cointelegraph contacted the Financial Supervisory Commission for more information.
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Last fall accelerated regulatory developments for crypto in Taiwan. In October, local MLA Virtual Asset Management Bill introducedA 30 page document, which is moderate in its demands for the industry.
It suggests some common sense obligations for virtual asset service providers, such as separating client funds from company reserves, and, also, not requiring stablecoin issuers to hold a 1:1 ratio of reserves. Is. Algorithms don’t ban stablecoins.
Earlier, in September, the FSC had issued Industry Guidelines for VASPForeign unlicensed entities and major local crypto exchanges have been outlawed formed a self-regulatory association,
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