Taiwanese Lawmakers Target November for First Crypto Regulatory Draft Bill: Report
Taiwan legislators are working towards presenting the country's first crypto regulatory bill in November 2023, according to an exclusive interview granted to the Block's Timmy Shen.
Parliament member under the Yuan's arm, Yung-Chang Chiang, stressed the need for a special law to guide cryptocurrency trading and other activities in the country in the interview.
He highlighted the inherent differences between cryptocurrencies and traditional financial investment services, highlighting the need for tailored and industry-specific guidelines.
Furthermore, Chiang pointed out the underlying rationale for this initiative. He stressed the importance of Taiwan avoiding the pitfall of "regulatory arbitrage," especially in light of the increasing challenges of various foreign crypto operations.
He believes that having a special law protects investors and gives them value in the long run.
Chiang has been active in attaining this goal despite the limited time frame. In an October 6 public hearing, he met with industry experts and service providers to discuss the upcoming draft bill.
In the meeting, he zoomed in on the proposed provisions by the Financial Supervisory Commission (FSC) guidelines regarding how cryptocurrencies should be interacted with.
In the official statement shared on its website on September 26, the FSC stated that all domestic crypto trading platforms must separate customers' funds from the exchange's treasury.
Hence, cryptocurrency exchanges must keep customers' digital funds in separate accounts to prevent fraud.
In addition, they must review the listing and delisting standards for virtual assets and ensure easy access to required information by investors and government agencies.
The guidelines also extend to foreign
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