Taiwan officially proposes crypto bill with first reading passed at parliament
Taiwan officially proposed a draft crypto act for first reading today. "After the first reading of the bill, discussions on the regulatory framework for the virtual asset industry have progressed to the next stage," Yung-Chang Chiang, a member of the Legislative Yuan who jointly proposed the special act, told The Block. A proposal to regulate crypto assets passed the first reading at the Legislative Yuan, Taiwan’s parliament, according to official records.
Taiwan’s FSC last month released guidelines for the crypto sector to form its own self-supervisory rules through a potential industry association, such measures lack legal enforceability, the lawmaker said. “In this case, under the authority of this special law, regulatory authorities can impose administrative penalties on operators who violate these self-regulation rules. Without such a special law, the regulators would lack the ability to impose penalties,” Chiang told The Block earlier this month at a parliament hearing. The special crypto law, proposed by Chiang and 16 other lawmakers, would require all crypto platforms operating in Taiwan to apply for a permit. If they failed to, regulators could order them to cease operations.
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