It’s not just the American crypto world that is expecting a crypto ETF or exchange fund. The East Asian island nation of Taiwan also appears to be exploring the possibilities for a crypto ETF. Taiwan’s financial regulator, the Financial Supervisory Commission (FSC) states that it is currently in the “exploratory phase”.
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Taiwan is considering crypto ETF
Taiwan’s The Commercial Times reports that the FSC is considering approving listed crypto products such as ETFs. Before that approval actually happens, the FSC wants to see how markets react to crypto ETF approvals elsewhere.
For example, the FSC is closely monitoring developments regarding a Bitcoin (BTC) ETF in the United States. The committee is also investigating the situation in Australia and Canada, where crypto ETFs are already trading.
Despite the efforts of local investment banks, the FSC has not yet approved any Taiwanese crypto ETF. The reason for this is the supposedly high volatility of crypto.
However, the FSC intends to gradually liberalize the Taiwanese crypto sector. According to the Committee, “self-discipline” of the sector itself and “regulation” are crucial.
Asia is leading the way in cryptocurrency adoption
In recent years, the Asian crypto sector has developed rapidly. Hong Kong, South Korea and Japan in particular are leading the world in cryptocurrency adoption. But “tech-savvy” Taiwan is also joining in. For example, the Virtual Asset Management Bill was introduced by lawmakers in October. This is a document with legal guidelines for the Taiwanese crypto industry.
Taiwan differs from other countries in that it aims for a situation where the crypto sector is self-regulated. It is intended that the country’s main crypto exchanges will form a self-regulatory organization.
Taiwan regulators clearly want to create a crypto sector where market participants take responsibility for creating the healthiest and most efficient sector possible. However, it is not yet clear what exactly this will look like.
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