After the cabinet meeting in Taiwan, the Taiwan Ministry of Economic Affairs (MOEA) announced that the category of cryptocurrency businesses has changed.
In the statement made by MOEA, it was stated that crypto businesses have been removed from the “software design services” category and will be listed under the “finance, insurance and real estate” category under the name “virtual currency platforms and trading businesses”.
In line with this change, the Financial Supervision Commission (FSC) will be responsible for legal regulations such as taxation for crypto businesses.
FSC will work with the tax and legal departments on market regulations and rules as the crypto market is volatile and volatile.
Within the scope of the joint efforts to be carried out, it is aimed to prevent crimes and protect investors.
Lawmakers in Taiwan have said that they think cryptocurrencies are volatile assets and are amenable to manipulation by major powers. Lawmakers concluded that digital currencies are not suitable for sale in Taiwan and should be controlled by the authorities.
FSC Chairman Huang Tien-mu noted that there is no special authority for cryptocurrencies in Taiwan, drawing attention to the need for regulation of cryptocurrencies in the face of the lawmakers’ conclusions.