Taiwan dreams of crypto law until November: report

Lawmakers in Taiwan passed the first draft of the special law in 2011. They are planning to evict by the end of November 2023, according to a report by The Block.

Taiwan's Legislative Yuan official Yung-Chang Chiang said in an interview that the first draft would be ready for reading by the parliament by the end of November or sooner and that it was “necessary” to control such actions. from crypto-related businesses.

This comes as lawmakers in Taiwan are raising concerns about activity in offshore markets and seeking to eliminate “regulatory arbitrage.” Chiang said crypto assets are different from traditional financial products and should be governed by special rules.

On October 6, Taiwan's parliament held a public hearing, including digital asset service providers, academics and others in the industry who discussed the draft proposal.

Related: Taiwan's watchdog FSC to take over crypto regulation

This follows guidelines released by Taiwan's Financial Regulatory Commission on September 26 to improve cryptocurrency investor protection.

The directive includes rules covering the industry, including the separation of assets from the customer in exchanges and the listing and delisting of digital assets.

In addition, the laws state that foreign virtual asset service providers cannot provide services in Taiwan without the necessary approval from local regulatory authorities.

On the same day, major cryptocurrency exchanges operating in Taiwan formed an association to advance industry interests.

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