Taiwan’s Financial Supervisory Commission will not step into the management of bitcoin

Regulation | November 27, 2015 By:

The Financial Supervisory Commission of Taiwan (FSC) said that it will not step into the management of bitcoin at convenience stores.

Tseng Ming-chung, chairman of Taiwan’s top financial regulator, said that his commission and Taiwan’s central bank has reached a consensus on viewing bitcoin as a commodity rather than a currency, so that the two agencies will keep their hands off bitcoin management.

However, the FSC will demand local banks not to accept bitcoin for third-party receipts or payments, Tseng told the press on the sidelines of a hearing of the Legislature’s financial committee.

Taiwan’s Financial Supervisory Commission (FSC) is Tawain’s top banking, insurance and securities regulator.