Let the Financial Supervisory Commission set up a “Virtual Asset Bureau”!

The Taiwan Financial Supervisory Commission was previously designated by the Executive Yuan as the competent authority for virtual asset platforms with “financial investment” or “payment nature”. In this regard, legislator Jiang Yongchang has recently jointly signed a proposal to amend the relevant provisions of the “Financial Supervisory Commission Organic Law”, proposing to add a “Virtual Assets Bureau” to the organizational structure of the Financial Supervisory Commission.

According to the “Economic Daily” report, the “Draft Amendment to Articles 2, 3, and 4 of the Financial Supervisory Commission’s Organic Law”, which was jointly signed by 24 legislators Jiang Yongchang and Huang Shijie, was published last Friday (21st). Passed on first reading in the Legislative Yuan.

The Financial Regulatory Commission currently has four major bureaus: the Banking Bureau, the Securities and Futures Bureau, the Insurance Bureau and the Inspection Bureau. According to the content of the joint proposal, considering the protection of virtual asset investors, the prevention and control of money laundering by the industry, and the proper supervision of related financial products and activities based on virtual assets, it is most appropriate for the “dedicated unit” to carry out supervision and management related business.

The report mentioned that so far, the supervision of virtual assets has been mainly carried out by the Securities and Futures Bureau, and all business-oriented supervision has been distributed to various units within the Financial Supervisory Commission. It may be assigned to the Legal Affairs Division of the Financial Supervisory Commission.

However, Jiang Yongchang believes that since the virtual asset market is still developing, the form, connotation, and risks involved of various commodities in the future are currently unknown. It cannot be properly supervised, so it is proposed that the Financial Supervisory Commission add a “Virtual Assets Bureau”.

In this regard, people in the financial industry revealed to the “Economic Daily” that the Financial Supervisory Commission has maintained an organizational structure of four major bureaus for many years. The addition of a fifth bureau will involve issues such as staffing and establishment, and the organizational law of the Financial Supervisory Commission still needs to be amended. In other words, It will be a “massive project” to add virtual assets.