Taiwan Plans to Enact Cryptocurrency Law by November
Date: 2023-10-07 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
The Need for Cryptocurrency Regulation in Taiwan
Taiwan is currently witnessing a surge in cryptocurrency-related activities, prompting the government to take proactive measures. Young-Chang Chan, an official from Taiwan's Legislative Yuan, emphasized the necessity of having a dedicated cryptocurrency law. He highlighted that cryptocurrencies differ significantly from traditional financial products and thus require unique regulatory frameworks.
Public Hearings and Industry Input
The Taiwanese parliament has already conducted public hearings, engaging digital asset service providers, experts, and other stakeholders to discuss the proposed legislation. These discussions aim to shape a well-informed and balanced cryptocurrency law for the nation.
Strengthening Investor Protections
To enhance investor protection in the cryptocurrency sphere, Taiwan's Financial Supervisory Commission (FSC) has implemented measures that segregate assets held by exchanges from customer assets. Additionally, the FSC has established listing and delisting verification mechanisms for digital assets.
Foreign digital asset service providers are now required to obtain approvals from local regulatory authorities before offering their services in Taiwan.
Collaboration Among Local Crypto Exchanges
Recognizing the importance of unity within the crypto industry, Taiwan's major cryptocurrency exchanges have formed an association to advocate for their shared interests. This association comprises nine prominent exchanges, including BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito.
Combating Cryptocurrency-Related Corruption
Taiwan has observed an increase in bribery involving cryptocurrencies, raising concerns among the government officials. To attract investments from major digital economy funds, authorities are considering allowing banking institutions to engage in virtual asset trading, necessitating legislative amendments.
Taiwan's Ascent in the Crypto Industry
Taiwan is striving to position itself as a leading hub for the cryptocurrency industry in the region. For several years, legislators have discussed the country's potential as a "Blockchain and Digital Technology Island." In 2022, cryptocurrency transaction volumes in Taiwan surged by over 30%, one of the fastest growth rates in Asia. The new legislation aims to reinforce Taiwan's reputation as the most stable and secure destination for cryptocurrency trading.
Taiwan is currently witnessing a surge in cryptocurrency-related activities, prompting the government to take proactive measures. Young-Chang Chan, an official from Taiwan's Legislative Yuan, emphasized the necessity of having a dedicated cryptocurrency law. He highlighted that cryptocurrencies differ significantly from traditional financial products and thus require unique regulatory frameworks.
Public Hearings and Industry Input
The Taiwanese parliament has already conducted public hearings, engaging digital asset service providers, experts, and other stakeholders to discuss the proposed legislation. These discussions aim to shape a well-informed and balanced cryptocurrency law for the nation.
Strengthening Investor Protections
To enhance investor protection in the cryptocurrency sphere, Taiwan's Financial Supervisory Commission (FSC) has implemented measures that segregate assets held by exchanges from customer assets. Additionally, the FSC has established listing and delisting verification mechanisms for digital assets.
Foreign digital asset service providers are now required to obtain approvals from local regulatory authorities before offering their services in Taiwan.
Collaboration Among Local Crypto Exchanges
Recognizing the importance of unity within the crypto industry, Taiwan's major cryptocurrency exchanges have formed an association to advocate for their shared interests. This association comprises nine prominent exchanges, including BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito.
Combating Cryptocurrency-Related Corruption
Taiwan has observed an increase in bribery involving cryptocurrencies, raising concerns among the government officials. To attract investments from major digital economy funds, authorities are considering allowing banking institutions to engage in virtual asset trading, necessitating legislative amendments.
Taiwan's Ascent in the Crypto Industry
Taiwan is striving to position itself as a leading hub for the cryptocurrency industry in the region. For several years, legislators have discussed the country's potential as a "Blockchain and Digital Technology Island." In 2022, cryptocurrency transaction volumes in Taiwan surged by over 30%, one of the fastest growth rates in Asia. The new legislation aims to reinforce Taiwan's reputation as the most stable and secure destination for cryptocurrency trading.
