FSC Chair Confirms to Take Control of Virtual Currency 金管會主委證實 研議納管虛擬貨幣

The Executive Yuan is currently deliberating to further incorporate Ethereum coin or other virtual currencies into its supervision. The public anticipates that the Fed likely will raise interest rates by 0.25 percent next week. Taiwan Stock opened high then dropped, closing at 15,452 on March 20.

The Central Bank of Taiwan will hold its first board of directors meeting on March 23, pending resolutions on whether there will be an interest hike. Meanwhile, the public anticipates that the Fed will likely raise interest rate by 0.25 percent.

Wu Bing-rui, Legislator (DPP): “If the interest hike is at 0.25 percent, will it benefit Taiwan or otherwise adversely affect Taiwan? Mentally it will likely calm down the entire global financial market and indirectly affect changes in the Taiwan stock market.”
Yen Tzung-da, CBT Deputy Governor: “If the interest hike is at 0.25 percent, will it benefit Taiwan or otherwise adversely affect Taiwan? Mentally it will likely calm down the entire global financial market and indirectly affect changes in the Taiwan stock market.”

Fed's interest direction affects the sensitive nerves of Taiwan stock. Taiwan stock opened high then dropped, oscillating at mid-day and closed at 15,452 and above the five-day moving average while the market is still waiting and on the watch.

Lin De-fu, Legislator (KMT): “Taiwan stock has dropped about 6-700 points for several days. ”
Huang Tien-mu, FSC Chair: “The changes in the stock market this week hinged on problems with global financial institutions, which affected investor confidence. ”

While attending the Finance Committee at the Legislative Yuan, Huang Tien-mu confirmed that the Executive Yuan plans to appoint the FSC to be the competent authority of virtual currencies. As to whether there will be a specific regulation enacted, it will discuss after operating for some time.

Huang Tien-mu, Chairperson, Financial Supervisory Commission: “Currently the Executive Yuan has appointed the FSC to undertake supervision of the payment and transaction-related instruments; as for other types of instruments, I believe the Executive Yuan and relevant departments will need to continue to study their respective characteristics. ”

Huang Tien-mu noted that the initial supervising parameters include segregation of client and platform assets, product on-and-off shelves review and investor protection. Others remain to be further deliberated with the Executive Yuan, and the next step is to discuss with businesses regarding the specifications of self-discipline.