Taipei, Oct. 11, 2023: Taiwan is aiming to pass a new law regulating cryptocurrencies by November, according to a report in Forbes Magazine. 1
The passage of a new cryptocurrency law in Taiwan would be a significant step for the country. Taiwan is one of the largest cryptocurrency markets in the world, and the new law would provide much-needed regulatory clarity for the industry.
The law would create a regulatory framework for crypto exchanges and other crypto-related businesses and establish a system for taxing cryptocurrency transactions.
The Financial Supervisory Commission (FSC), Taiwan’s financial regulator, has worked on the draft law for over a year.
The FSC contends that the introduction of the new law is essential to safeguard investors and deter fraudulent activities and money laundering within the cryptocurrency industry.
The law is expected to face opposition from some members of the cryptocurrency industry, who argue that it will stifle innovation and make it more difficult for crypto businesses to operate in Taiwan.
However, the FSC has said that the law is necessary to protect investors and ensure Taiwan’s cryptocurrency market is regulated fairly and transparently.
The law could also positively impact the development of Taiwan’s blockchain and fintech sectors.
- Crypto Legislation: https://www.forbesindia.com/article/cryptocurrency/taiwan-to-draft-crypto-law-to-address-regulatory-concerns/88833/1#:~:text=Taiwanese%20lawmakers%20plan%20to%20draft,loopholes%20by%20the%20crypto%20industry.[↩]
