According to Cointelegraph: The Financial Supervisory Commission (FSC) of Taiwan, is considering the possible allowance of cryptocurrency exchange-traded funds (ETFs) in the country. However, before any such decision can be made, the FSC plans to study the development and implementation of such products in other global markets. Currently, the FSC claims it is in an "exploratory phase" with regards to crypto ETFs.
According to a Dec. 5 Commercial Times report, the FSC is observing developments in the US, where the Securities and Exchange Commission will review spot Bitcoin ETFs in January. The FSC is also monitoring Canada and Australia, where local exchanges have already allowed the trading of crypto ETFs.
Additionally, the FSC is aware of multiple cryptocurrency futures commodities already presented on key exchanges such as the Toronto Stock Exchange, the New York Stock Exchange, the Nasdaq Exchange, the Chicago Board Options Exchange, and the Hong Kong Stock Exchange.
The intention of the FSC is to carefully relax its rules concerning digital asset trading, basing its approach on self-discipline and regulation. However, it's been reported that due to the high volatility of cryptocurrencies, regulators in Taiwan have previously hindered attempts by local banks to initiate crypto ETFs.
Taiwan has lately seen swift progress in crypto regulations. For instance, in October, local legislators proposed the Virtual Asset Management Bill, a document detailing regulatory expectations for the crypto sector. Meanwhile, in September, the FSC released guidelines for virtual asset service providers, leading to key local crypto exchanges forming a self-regulatory association.
