Former President of Taiwan’s Executive Yuan: Relying solely on the self-discipline of encryption practitioners will eventually be a disaster

Former head of Taiwan's Executive Yuan and chairman of the New Generation Financial Foundation, Chen Chung, wrote that the current situation of the Financial Supervisory Commission (FSC) is awkward as it lacks a legal basis for regulatory authority. Despite having had two different leaders in the Executive Yuan, there has been no solution to this problem. While it is possible to rely on self-regulation by industry practitioners, without external regulation, it will ultimately lead to disaster.

Virtual assets have emerged in the past 15 years and governments around the world were not fully prepared for them. In recent years, it can be seen that various departments have made great efforts to accommodate each other, but even the names of laws and regulations are not consistent. From the virtual currency platform in 2021 to the virtual asset platform in 2023, it is not surprising that there is a lack of consensus among the public.