Taiwan has introduced a new bill called the “Virtual Asset Management Regulations Draft” in an effort to regulate its growing virtual asset market. The bill aims to establish a comprehensive regulatory framework for the crypto industry, with the primary goal of protecting investors and maintaining financial stability. Currently, Taiwan only requires virtual asset service providers to adhere to anti-money laundering regulations, which critics argue are outdated and insufficient. The proposed legislation would require cryptocurrency platforms to secure a permit to continue operating in the country, with non-compliance potentially resulting in regulatory intervention or suspension of operations. The bill includes provisions such as defining virtual asset scope, qualifications for leadership roles, customer data protection, and regulatory penalties for non-compliance. The legislation is seen as a significant step towards stabilizing Taiwan’s virtual asset market, boosting investor confidence, and promoting responsible industry growth.

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Information	Details
Geography	Asia
Countries
Sentiment	positive
Relevance Score	1
People	None
Companies	Financial Supervisory Commission, Taiwan Blockchain Industry Map/Key Report
Currencies	None
Securities	None