Taiwan’s ministry of economic affairs has created a regulatory framework for businesses related to the crypto industry and digital assets.
In the last two years, crypto companies have expanded significantly as the industry has grown.
The Ministry has decided to list all companies that conduct crypto businesses as “virtual currency platforms and trading businesses” under the “finance, insurance and real estate category”. Previously, all companies related to digital assets were considered under the umbrella of “software design services”.
This change in category means companies in the crypto space will be working with the new regulations.
The main responsibility for the regulations will be with the Financial Control Commission. The regulator will develop a new set of rules for crypto-related companies and will also be responsible for legal affairs.