Introduction
On September 7, Taiwan’s Democratic Progressive Party legislator, Kuo Kuo-wen, organized a public hearing on “Virtual Asset Supervision.” The focal points included the potential creation of a dedicated “Financial Technology Bureau” and the prospect of introducing leveraged derivatives trading. Key representatives from Binance and Bitfinex were present.
Government Voices
Huang Xihe – Financial Supervisory Commission:
- Imminent establishment of the Virtual Currency Business Association.
- Controversial elements of the current draft on autonomous management.
- Challenges in insuring the crypto sector.
Shi Weiren – Digital Department:
- Pushing for the adoption of blockchain technology across sectors.
You Liling – Ministry of Justice:
- Joint efforts with police to combat fraud, emphasizing equal regulatory standards.
Lin Mingjun – Police Department:
- Need for legal supervision to tackle crimes such as fraud, money laundering, and physical crimes.
Industry Insights
Chen Minghui – Maicoin:
- Advocates for special laws and a hierarchical approach to regulation.
- Asset separation may pose operational hurdles.
He Xuanrong – Binance:
- Importance of employee training for transparency.
- Need for cross-field cooperation and diverse team management.
Academic Perspectives
Professor Li Kunzhang:
- Questions about guiding principle standards.
- The need for clear regulation to prevent Taiwan from being sidelined.
Teacher Zang Zhengyun:
- Calls for integrated dispute resolution.
- Advocates for the establishment of a FinTech Bureau.
Associate Professor Xu Peiling:
- Calls for clarity in current guidelines and the consideration of derivatives products.
Association Remarks
Cai Yuling – Taiwan Fintech Association:
- Emphasizes industry dynamism and the need for regulatory flexibility.
Attorney Li Yunheng:
- Hopes for communication between the trade association and ministries.
Lin Hongyu:
- Proposes close ties between authorities and trade associations.
- Highlights the importance of insurance, accounting, and law in future guiding principles.
Legal Views
Cao Weijie:
- Recommends joint discussions for common standards and hierarchical supervision.
- Supports specialized laws and the establishment of a FinTech Bureau.
Xiong Quandi:
- Questions the appropriateness of traditional regulations for cryptocurrencies.
- Advocates for dedicated management agencies and unique laws.
Responses from the Financial Supervisory Commission
Huang Xihe:
- Prioritizes self-regulatory regulations, leaving details to the industry association.
- Discusses the handling of stablecoins and advertising considerations.
Huang Chaobang:
- Updates on the review of anti-cleaning statements.
Conclusion by the Chairman
The meeting underscored the need for practical guiding principles, broader regulations, government-backed industrial development policies, the establishment of a Financial Technology Bureau, and movement towards specialized laws.
