Financial regulators of Taiwan changed the business category of cryptocurrencies removing them from the class of "software design services".
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As local media announced, during inter-ministerial meetings and industry discussions held on Nov. 15, the Ministry of Economic Affairs informed about the decision. With the switch, cryptocurrencies now belong to the category of "finance, insurance, and real estate" as "virtual currency platforms and trading businesses."
Therefore, security token offering companies will be viewed as securities businesses, being regulated by the same rules.
With the surge of the crypto market, the Financial Supervisory Commission of the country requested the MOEA to set a clear framework for regulations, distributing responsibilities over supervision of business operations, investor protection, and fraud prevention.
Taiwan's legislative authority, the Legislative Yuan requires all ministries to team up to regulate the sector. As stated by the Executive Yuan, the main regulator of the industry is the FSC. Meanwhile, the Ministry of Justice, the Ministry of Economy, and the Ministry of Finance conduct the field of business, registration, and taxation.