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Taiwan’s Financial Supervisory Commission (FSC) Has Issued a Warning About the Cryptocurrency Market’s High Risks

After crypto exchange FTX declared bankruptcy last week, Taiwan’s Financial Supervisory Commission (FSC) warned Thursday about the extremely high risks involved in investing in cryptocurrencies, saying it will continue to closely monitor related developments and how other countries respond to the situation.

After Taiwanese victims attempted to create an online self-rescue group in an effort to find a way out of the crypto market collapse, the FSC made the call.

The FSC’s Banking Bureau and Securities and Future Bureau jointly issued a statement warning Taiwanese against investing in risky financial products traded on virtual asset platforms, whether at home or abroad, due to a lack of transparency and price volatility.

Other types of virtual currencies and their derivative products, with the exception of Securities Token Offerings (STO), which are recognised by Taiwan’s Securities and Exchange Act and are traded subject to government regulation and oversight, lack appropriate supervision and regulation and are not authorised by the FSC, according to the statement.

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Hundreds of thousands of Taiwanese have reportedly invested in the cryptocurrency exchange FTX.

According to a CBS News report, FTX, one of the world’s largest cryptocurrency exchanges, collapsed in less than a week, with both the company and its former CEO, Sam Bankman-Fried, currently under investigation in the United States and other countries for possible securities violations.