Huang Tien-mu, Taiwan’s Financial Supervisory Commission Chairman  informed lawmakers that the nation is in the process of creating a special legislative framework to govern cryptocurrency and its related activities. He made this announcement during a parliamentary hearing on global banking stability.

The FSC chair, Huang Tian-mu, unofficially announced the FSC’s new role, which was cited by local media outlets. Huang said that the  Taiwan government has instructed the FSC to oversee crypto transactions and payments. Therefore, the financial watchdog will start with crypto exchange platforms.

Additionally, the first order of business will be to make sure crypto exchanges separate their own assets from their depositors’. The FSC will also start supervising the exchanges’ product listings and customer protection measures, Huang explained.

However, it was also reported that the FSC won’t be regulating the Non-Fungible Token (NFT),

“Due to the extendability and composability of NFTs, they can represent a broad spectrum of things ranging from commercial products to commodities to securities. Therefore the FSC likely needs more time to develop a proper set of NFT classification guidelines,” 

Conclusively, he also added that the FSC would release an official announcement of its new responsibility, which will include relevant information on the matter.