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Taiwanese regulator asks banks to refrain from virtual currency tradings

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Taiwanese regulator asks banks to refrain from virtual currency tradings

Taiwan's Financial Supervisory Commission asked banks and other financial institutions not to participate in virtual currency tradings or provide such services.

Previously, the FSC had asked banks in January 2014 not to accept and exchange bitcoins, according to a Dec. 19 statement. Given the diversified nature of digital tokens, the FSC will evaluate initial coin offerings on a case by case basis to determine if the underlying token can be governed by existing securities laws.

Digital virtual products are highly speculative and their prices fluctuate wildly, the FSC added. The regulator warned the public to prudently evaluate risks before making investments.