Taiwan Forges Ahead with Cryptocurrency Regulations
Taiwan has been actively engaging with the cryptocurrency industry, gaining significant attention for its efforts.
The country is diligently working on cryptocurrency regulations to embrace this sector. Taiwanese lawmakers aim to present an initial draft of a specialized cryptocurrency law for consideration by the end of November.
In September, Taiwan’s financial regulatory authority released guiding principles for virtual asset companies to enhance oversight of the cryptocurrency sector. According to Yung-Chang Chiang, a member of Taiwan’s parliament, this forthcoming legislation is vital for regulating cryptocurrency firms.
Chiang argues that cryptocurrencies are distinct from traditional financial products, warranting specialized regulation. The proposed law would mandate that all cryptocurrency platforms in Taiwan seek official permission, with regulatory authorities authorized to halt non-compliant operations.
Chiang highlights that this special law may not pass through all readings during the current legislative session, which ends this year due to an impending election and a focus on the government’s budget examination.
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Furthermore, Taiwan’s Financial Supervisory Commission (FSC) may consider its version of the specialized cryptocurrency law, possibly not until mid-2024.
It’s important to note that Binance is currently pursuing registration under Taiwan’s Money Laundering Control Act.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
