Yung-Chang Chiang, a member of the Legislative Yuan of Taiwan, stated that a new bill regarding crypto asset regulations could be ready by the end of November. Chiang emphasized the need for special crypto asset laws to regulate and supervise crypto companies, stating that cryptocurrencies differ from traditional financial products in many ways.
Countdown Begins for New Crypto Law Proposal in Taiwan
Just like in many other countries, there have been significant developments regarding crypto asset regulations in Taiwan recently. According to the statements of Legislative Yuan member Chiang, the countdown has begun for a new bill that includes a series of new regulations related to crypto.
Yung-Chang Chiang, a member of the Legislative Yuan of Taiwan and the preparer of a new bill proposal regarding crypto asset regulations, held a public session in parliament today to discuss the draft proposal with virtual asset service providers, legal experts, and academics. Chiang made statements regarding cryptocurrencies and crypto regulations during the session.
Speaking at the public session held in parliament regarding digital asset regulations, Chiang stated that although the Financial Supervisory Commission of Taiwan issued guidelines last week for the crypto sector to establish its own self-regulatory rules through a potential industry alliance, such measures are lacking legal enforceability. Chiang emphasized the need for special crypto asset laws to regulate and supervise crypto companies, stating that cryptocurrencies differ from traditional financial products in many ways.
Furthermore, Chiang also made statements regarding the new bill proposal he is preparing. Providing information about the new bill proposal, Chiang expressed that if the bill is accepted, crypto companies operating in Taiwan will need to apply for permission to operate.
November Pointed for the New Bill Proposal
Yung-Chang Chiang, a member of the Legislative Yuan of Taiwan, also made statements to The Block regarding his new proposal. Chiang announced that preparations for the new bill proposal regarding crypto regulations could be completed by the end of November.
If Chiang’s bill proposal is accepted, crypto companies will need to apply for permission to operate. In addition, in case of detecting suspicious activities, the relevant authorities will be able to issue a notification to the respective company to cease their operations.
