{"id":182639,"date":"2023-10-28T06:24:41","date_gmt":"2023-10-28T00:54:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=182639"},"modified":"2023-10-28T06:24:41","modified_gmt":"2023-10-28T00:54:41","slug":"taiwan-introduces-crypto-bill-to-parliament-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/taiwan-introduces-crypto-bill-to-parliament-crypto-news\/","title":{"rendered":"Taiwan introduces crypto bill to parliament – Crypto News"},"content":{"rendered":"
\n

On Oct. 25, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan. The bill aims to provide \u201cbetter protection\u201d for customers and \u201cproperly supervise\u201d the industry.<\/p>\n

The 30-page bill appears moderate in its demands for the industry. It suggests some common-sense obligations for virtual asset service providers (VASPs), such as separating customer funds from the company\u2019s reserve funds, establishing an internal control and audit system, and joining the local trade association.<\/p>\n

However, at this point, it doesn\u2019t require stablecoin issuers to hold a 1:1 ratio of reserve funds, and it doesn\u2019t mention algorithmic stablecoins. As to marketing activities, the rules for advertising are to be determined by the \u201ccompetent authority.\u201d<\/p>\n

The bill suggests fines for VASPs operating without a license \u2014 no less than 2 million Taiwanese dollars (around $60,000) and no more than 20 million TWD ($600,000). The companies already operating in the Taiwan market will have six months to obtain a license after the bill comes into force.<\/p>\n

Related: <\/em><\/strong>Circle launches \u2018points-to-crypto\u2019 program with Taiwan convenience store chain<\/em><\/strong><\/a><\/p>\n

In September 2023, Taiwan\u2019s Financial Supervisory Commission (FSC) also released\u00a0industry guidelines for VASPs<\/a>. The FSC prohibits foreign VASPs from providing their services in Taiwan without obtaining the necessary approvals from the regulator.<\/p>\n

The rules were created as major cryptocurrency exchanges in Taiwan have\u00a0formed a self-regulatory association<\/a>. On Sept. 26, local exchanges such as MaiCoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex and Shangbito joined forces to create the Taiwan Virtual Asset Platform and Transaction Business Association. They aim to support the crypto industry and work with regulators.<\/p>\n

Magazine: <\/em><\/strong>Ethereum restaking: Blockchain innovation or dangerous house of cards?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On Oct. 25, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan. The bill aims to provide \u201cbetter protection\u201d for customers and \u201cproperly supervise\u201d the industry. The 30-page bill appears moderate in its demands for the industry. It suggests some common-sense obligations for virtual asset service providers (VASPs), such […]<\/p>\n","protected":false},"author":2,"featured_media":182640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-182639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=182639"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182639\/revisions"}],"predecessor-version":[{"id":182642,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182639\/revisions\/182642"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/182640"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=182639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=182639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=182639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}