Taiwan Proposes a Crypto Bill

Today, Taiwan officially presented a proposed draft crypto act for its first reading at the Legislative Yuan, Taiwan’s parliament.

According to official records, this proposal to regulate crypto assets has passed the first reading.

According to Yung-Chang Chiang, who jointly proposed the special act, this is a significant step in the discussions on the regulatory framework for the virtual asset industry.

He hopes that the Financial Supervisory Commission will also submit their own version of the draft bill to the legislature to further consolidate consensus among various sectors of society.

Chiang also noted that the guidelines released by Taiwan’s FSC last month lack legal enforceability, making a special law necessary for regulatory authorities to impose penalties on violators.

This special crypto law, proposed by Chiang and 16 other lawmakers, would require all crypto platforms to apply for a permit and face potential penalties if they failed to do so.