The administrative agency of Taiwan designated the Financial Supervisory Commission as the regulatory authority for virtual currencies.

The administrative agency of the Taiwan region of China designated the Financial Supervisory Commission as the regulatory authority for virtual currencies. Taiwan’s legislators suggested that in order to protect investors from investing in new financial technologies such as virtual currencies, the Financial Supervisory Commission should establish a Financial Technology Bureau under the Fifth Bureau. Huang Tianmu, chairman of the Financial Supervisory Commission, said that the administrative agency has indeed asked the Financial Supervisory Commission to study it, and the internal evaluation is under way. The first step is to study the benefits of adding fixed bureaus to the development of the financial industry. It can try to accept new business within the additional headcount agreed by the administrative agency. (Taiwan Economic Daily)