Taiwan’s Financial Supervisory Commission (FSC) has set up a Financial Technology Bureau to oversee cryptocurrencies to protect investors and increase regulation, according to a Taiwanese news report by United Daily News (UDN). FSC chairman Huang Tien-Mu has confirmed the Executive Yuan Council which is responsible for overseeing statutory and budgetary bills in Taiwan has asked the regulatory body to form the Financial Technology Bureau overseeing cryptocurrencies as the country moves closer to strengthening crypto regulation, reports UDN. Taiwanese politician and legislator Kuo Kuo-Wen recently called on the FSC to establish a Financial Technology Bureau.
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