🚨🔥 BREAKING: 🇹🇼 Taiwan SHAKES Up The #Crypto World 😳
🇹🇼 Taiwan just introduced a HUGE bill that could redefine the crypto industry 🔥
1😞EVERYONE in crypto needs to know about this NOW 👀
On Oct. 25, Taiwanese lawmakers introduced the "Virtual Asset Management Bill" to their parliament.#Anilsingta
2️⃣ Purpose of the Bill?
👉 The main goals are:
▶️ Better protection for consumers.
▶️ Proper supervision of the #crypto industry.
3️⃣ Key Provisions:
👉 Virtual asset service providers (VASPs) need to keep customers' funds separate from their own reserves.
👉 VASPs must have an internal control system and audit mechanisms.
👉 They also need to be a part of the local trade association.
👉 Notably, the bill doesn't require a 1:1 reserve for stablecoin issuers and doesn't mention algorithmic stablecoins.
👉 Specific advertising rules are still to be set by the designated authority.
4️⃣ Penalties:
👉 Companies operating without a license face fines:
▶️ Minimum: 2 million Taiwanese dollars ($60,000).
▶️ Maximum: 20 million TWD ($600,000).
5️⃣ Timeframe:
👉 Companies already in the Taiwan market will have six months to get licensed once the bill is active.
6Industry's Response:
👉 Major Taiwanese #crypto exchanges have formed a self-regulatory body.
👉 This includes exchanges like MaiCoin, BitstreetX, and others.
👉 They've created the Taiwan Virtual Asset Platform and Transaction Business Association to support the industry and liaise with regulators.
Disclaimer: this article just for information from not financial Advise No legal and other act to take for any loss we are not responsible
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