Taiwanese lawmakers reportedly aim to introduce a first draft of the special law by the end of November 2023.
Taiwan’s Legislative Yuan official Yung-Chang Chiang said in an interview that he intends to submit the first draft to parliament for reading by the end of November or earlier, and that the bill is “necessary” to regulate crypto-related businesses.
At the same time, Taiwanese lawmakers are increasingly concerned about activity in offshore markets and are trying to avoid "regulatory arbitrage." Jiang said that crypto assets are different from traditional financial products and need to be managed through a special law.
On October 6, he held a public hearing in Taiwan’s parliament, including digital asset service providers, academics and industry insiders, to discuss the draft proposal.
Related: Taiwanese regulator FSC to take over crypto regulatory powers
This follows guidelines issued by Taiwan’s Financial Supervisory Commission (FSC) on September 26 to improve the protection of cryptocurrency investors.
The guidance includes rules covering the industry, including separating assets in exchange vaults from those of customers and reviewing mechanisms for listing and delisting digital assets.
Additionally, the rule stipulates that foreign virtual asset service providers are not allowed to provide services in Taiwan without the necessary approvals from local regulatory authorities.
On the same day, major cryptocurrency exchanges operating in Taiwan formed an association to promote industry interests.
Magazine: How to Protect Your Cryptocurrency in Volatile Markets: Bitcoin OGs and Experts Get Involved
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